UnionBank, Lazada, Mastercard launch Philippines' 1st e-commerce credit card

Union Bank of the Philippines, Lazada Phils, and Mastercard on Saturday launched  the country’s first “e-commerce credit card.”

Dubbed as UnionBank Lazada Credit Card, the lender said it is the only credit card that allows cardholders to directly earn up to six times Lazada wallet credits from their online spend on the e-commerce platform —the highest earning rate among other credit cards in the market.

Every P200-spend at Lazada purchases earns the cardholder P6 Lazada credits, it said.

Meanwhile, a cardholder earns P1.00 for every P200.00 on all other purchases outside Lazada.

“As the country’s leading digital bank, we’re truly excited about this new partnership because we believe the new UnionBank Lazada Credit Card will enable us to serve the growing needs of Filipino shoppers in this rapidly changing digital economy,” UnionBank president and CEO Edwin Bautista said.

The cardholder will receive the virtual card, activate and use it to make online purchases immediately once application is approved, the bank said.

The virtual card can be viewed safely through the UnionBank Online app, with security controls including biometrics and one-time-password (OTP), it said.

A physical card will also be delivered to cardholders for their face-to-face, point-of-sale transactions.

“It is a privilege to collaborate with UnionBank as we work towards creating a secure and inclusive digital economy in the Philippines. With more people turning to the Lazada platform to meet their needs, the new UnionBank Lazada Credit Card will empower Filipino customers to get more value from their purchases as they embrace a cashless digital lifestyle,” Ray Alimurung, Lazada Philippines CEO, said.

"Mastercard is pleased to partner with the country’s multi-awarded digital bank and the top e-commerce platform in Southeast Asia to deliver more value to Filipino e-customers. The UnionBank-Lazada Credit Card is a demonstration of Mastercard’s global expertise in co-brands and its continuing commitment to bringing digital solutions that enable a seamless and secure shopping experience online,” Rowell del Fierro, country manager in the Philippines for Mastercard, said. —LBG/KG, GMA News