Mastercard and Shopee Vietnam Announce Strategic Collaboration, with the Launch of VPBank S Rewards Mastercard Card

On February 4, 2026, Mastercard and Shopee Vietnam today announced a five-year strategic collaboration, marked by the launch of the VPBank S Rewards Mastercard card, Mastercard’s first card linked to Shopee in Vietnam. This milestone represents the start of a long-term collaboration aimed at accelerating cashless payments and supporting the continued growth of Vietnam’s digital economy.

The VPBank S Rewards Mastercard credit card marks the first milestone in the partnership between Mastercard and Shopee Vietnam

To meet evolving consumer expectations in one of Southeast Asia’s fastest‑growing digital markets, Mastercard and Shopee have entered into a strategic collaboration in Vietnam that combines Mastercard’s global payments expertise and Shopee’s e-commerce ecosystem.

This collaboration supports the development of scalable card propositions and integrated loyalty experiences by leveraging Mastercard’s secure global network, data-driven insights and proven go-to-market capabilities. Anchored within Shopee’s leading e-commerce ecosystem and informed by its deep insights into digital consumer behavior, these solutions will seamlessly integrate into high-frequency shopping journeys to drive adoption, habitual usage and trust in cashless payments.

Through this collaboration, Shopee users will benefit from more value, convenience, and unique experiences through:

• More relevant card benefits enabled by tailored card propositions developed with issuing banks—unlocking savings and privileges that better match users’ shopping needs on Shopee.
• Greater rewards and loyalty benefits, with Mastercard payments integrated into Shopee VIP and Shopee Coins.
• Faster, safer, and more seamless Mastercard card payments across the Shopee platform.
• Special offers and curated consumer experiences enabled through Mastercard’s global sponsorship platforms and partner network.

For sellers and brands, the partnership will drive greater growth opportunities through joint promotional campaigns and co-marketing initiatives by Shopee and Mastercard.

The launch of the VPBank S Rewards Mastercard card is the first outcome of this collaboration. Designed to deliver a more seamless and rewarding payment experience for everyday online spending, the credit card offers cardholders a complimentary one-year Shopee VIP membership, earn up to 12 percent Shopee Coin reward on eligible Shopee purchases and a welcome offer worth up to 300,000 Vietnamese dong, providing immediate value to frequent digital shoppers.

Beyond its benefits, the VPBank S Rewards Mastercard card is integrated into the Shopee ecosystem. By adopting Shopee Coins as the core rewards mechanism, the card enables users to accumulate rewards through everyday spending, earn and redeem Shopee Coins directly on the Shopee platform. This coin-based rewards model moves beyond traditional cashback propositions, offering a fully converged experience where payments, rewards and redemption are seamlessly connected, particularly resonating with Generation Z and digitally savvy consumers who prioritize convenience, speed and flexibility.

The VPBank S Rewards Mastercard card is available for registration on Shopee here since January 5, 2026. The card is issued by VPBank as part of the collaboration.

“At Shopee, we are committed to delivering a convenient and seamless shopping experience for users at every touchpoint. Our strategic partnership with Mastercard, together with  collaborating banks, enables Shopee to further diversify our payment solutions and complement existing programs on our platform. We believe that the combination of Shopee’s ecosystem and Mastercard’s global payment network will unlock new, multi-benefit e-commerce experience models that bring even greater value and benefits to our users,” shared Tran Tuan Anh, Managing Director, Shopee Vietnam.

“Mastercard is pleased to enter a strategic collaboration with Shopee Vietnam to support the evolution of Vietnam’s digital landscape. The country’s e-commerce market is scaling at pace, projected to reach around USD 63 billion by 2030, and purchase behavior is increasingly social-first, with over half of consumers preferring to buy via social platforms. Through this initiative between Mastercard and Shopee, we aim to advance trust, inclusion and relevance in digital commerce, helping Vietnam build a more connected and confidently cashless future for consumers, merchants and issuers,” said Sharad Jain, Country Manager, Vietnam, Laos and Cambodia, Mastercard.

Source: Vietnam Business Forum