WORK

Humlakortet

The first debit Mastercard with a loyalty model in Sweden, built on SEB BaaS-platform.

First debit Mastercard in Sweden with a value proposition

Product domain, partnerships and providers

Industry
Financial Services & Retail

My role
Lead Product Designer

Product release
April, 2024

Product sunset
May, 2024 (after acquisition)

Financial provider
SEB (Embedded)

Card personalization
Enfuse

Card manufacturer & print
Publicenter

Built on SEB Embedded Banking-as-a-Service

Humlakortet was the first debit Mastercard in Sweden with a value proposition, a completely new way of being rewarded for shopping with the money you have and for not changing your shopping behavior. Humlakortet was built on SEB Embedded's Banking-as-a-Service platform and when the product was released, we were SEB's first BaaS-client.

For every 20th purchase you get a reward

The customer simply applied for the card in the app and then swished any amount easily to the card. Each purchase of SEK 50 or more gave the customer a point, when the customer had reached 20 points they were rewarded with a SEK 50 discount or SEK 50 to donate to charity. The discount could be redeemed at any of our partners, some of Sweden's biggest brands such as Åhléns, KICKS, Apohem, 7-Eleven, Pressbyrån with many more.

Research

76% of all in-store purchases in Sweden are made using debit cards, meaning customers are spending their own money while only 9% of purchases are made with credit cards (Riksbanken, 2020). Those 76% who use their own money receive no rewards or benefits, whereas the 9% who use credit cards often gain access to cashback or bonus systems that incentivize credit use. This revealed a gap in the market that made us act.

Challenge

Customers who pay with their own money receive no rewards for doing so. Yet, it's the most sustainable way to shop, using money you already have and it makes budgeting easier. Studies have also shown that people who use credit cards tend to spend more, and more frequently.

How might we reward customers for spending their own money in a way that promotes sustainable shopping and better budgeting habits?"

Target groups

To sharpen our value proposition and make it more compelling, we chose to focus on young women aged 20–25, a group that tends to avoid credit cards but frequently uses their debit cards, often three or more times a day for things like commuting, shopping, and café visits.

Solution

Humlakortet is a debit Mastercard that users fund by transferring any amount they choose from their own bank via Swish. For every purchase over 50 SEK made, the user earns one point. Once they've collected 20 points, they can redeem a reward, ranging from 50 to 100 SEK, at some of Sweden’s leading retailers, such as Åhléns, Pressbyrån, and 7-Eleven.