UnionBank of the Philippines has joined forces with Singapore-based e-commerce website Lazada to roll out a new credit card for online shoppers.
The new credit card has been introduced in the wake of the growing online shopping industry.
The UnionBank Lazada Credit Card, which is powered by payments giant Mastercard, is launched exclusively for Lazada use.
Lazada customers can apply for a fully-digital credit card online.
Post-approval, cardholders will get instant access to the virtual credit card and a physical card will be delivered to the address given.
The credit card offers up to 6x Lazada wallet credits depending on the amount cardholders spend. This is said to be “the highest-earning rate” in the credit card market.
For every PHP200 ($4.08) spent, online shoppers can earn PHP1 ($0.020).
Cardholders can use the UnionBank Online app to transfer their earned credits to the Lazada wallet.
UnionBank head of card business Antonio Corro said: “It is a fully digital product that is only available online and users can visit the UnionBank website and also on the Lazada website.
“Just fill out the form on the website, submit all the documents, and the process would be done at the users’ convenience.”
Lazada country chief marketing officer Neil Trinidad said: “Since the beginning of the year, Lazada has seen two times more growth in monthly orders vs. 2019.
“During the lockdown period, we’ve seen acceleration with daily sales on the platform, growing by around two times compared to the previous period.”