UnionBank, one of the Philippines’ Universal Banks, and Lazada, a popular e-commerce site launched recently an e-commerce credit card as a response to the growing online shopping industry. Exclusive for Lazada use, the UnionBank Lazada Credit Card is powered by Mastercard.
Cardholders can earn up to “six times” Lazada wallet credits depending on their spending, which is said to be “the highest-earning rate” among other credit cards in the market. Shoppers earn P1 for every P200 spent. Earned rewards are in peso value credits, and earned credits can be transferred to Lazada Wallet using the UnionBank Online app.
The credit card is fully digital which means all transactions from application to approval will be conducted online.
“It is a fully digital product that is only available online and users can visit the UnionBank website and also on the Lazada website,” said Antonio Corro of UnionBank. “Just fill out the form on the website, submit all the documents, and the process would be done at the users’ convenience.”
“Since the beginning of the year, Lazada has seen two times more growth in monthly orders vs 2019,” said Neil Trinidad, country chief marketing officer, Lazada. “During the lockdown period, we’ve seen an acceleration with daily sales on the platform, growing by around two times compared to the previous period..”
After getting the approval, cardholders will have access to the virtual card and the physical card will be delivered to the address provided. UnionBank assured that security and privacy measures are in place.