With online transactions at an all-time high in the country, e-commerce site Lazada Philippines and local lender UnionBank have launched what is dubbed as the country’s first credit card optimized for e-commerce transactions.
The two companies, along with Mastercard, formally introduced the all-new UnionBank Lazada Credit Card during a virtual launch on Friday, August 7.
The credit card allows cardholders to directly earn up to 6x Lazada wallet credits from their online spend at Lazada — the highest earning rate among other credit cards in the market.
Every P200.00 spend at Lazada purchases earns cardholder with P6.00 Lazada credits. Meanwhile, cardholder earns P1.00 for every P200.00 on all other purchases outside Lazada.
“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,” said UnionBank president and CEO Edwin Bautista.
The credit card also comes with a new virtual credit card, which cardholders can use for online transactions without waiting for the physical card to be issued. A physical card will also be delivered to cardholders for their face-to-face, point-of-sale transactions.
The cardholder will receive the virtual card, activate and use it to make online purchases immediately once application is approved. The virtual card can be viewed through the UnionBank Online app, with security controls including biometrics and one-time-password (OTP).
“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,” said Rowell del Fierro, country manager in the Philippines for Mastercard.
Cardholders need not compute for any point conversion. Earned rewards are in the form of peso value credits, plus earned credits can be transferred to the cardholder’s Lazada Wallet using their UnionBank Online app.
“It is a privilege to collaborate with UnionBank and Mastercard 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,” said Ray Alimurung, Lazada Philippines chief executive officer.
Approved applicants of the credit card will get P5,000 Lazada Wallet credits as a welcome gift. They will enjoy free monthly shipping of up to P50.00 and free discount vouchers of up to P250.00 during their mega sales.
Application for the UnionBank Lazada Credit Card starts August 8 at this site.