UnionBank, Lazada PH unveil credit card

UNION Bank of the Philippines (UnionBank) and Lazada Philippines, together with Mastercard, have introduced the country’s first e- commerce credit card.

Unveiled on Friday, the UnionBank Lazada Credit Card will allow cardholders to earn up to six times Lazada wallet credits from their spending on the online shopping platform. It is said to have the highest earning rate among other credit cards in the market.

Cardholders can earn P6 credits with every P200 spent on Lazada purchases. They can also earn P1 for every P200 on 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 Chief Executive Officer (CEO) Edwin Bautista said.

Lazada Philippines CEO Ray Alimurung said that as Filipinos embrace and adopt cashless digital lifestyle solutions, the card “will enable consumers to gain more value from their purchases and be rewarded with exclusive lifestyle benefits.”

“Mastercard is pleased to partner with the country’s multiawarded digital bank and the top e- commerce platform in Southeast Asia to deliver more value to Filipino e- customers,” said Rowell del Fierro, Mastercard country manager for the Philippines.

Cardholders will receive, activate and use the virtual card to make online purchases immediately once their application is approved. The card can be viewed safely through the UnionBank Online app with security controls, including biometrics and onetime password.

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

Cardholders also need not compute for any point conversion. Earned rewards are in peso value credits, and earned credits can be transferred to their Lazada Wallet using the UnionBank Online app.