May 28, 2024


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UnionBank, Lazada unveil e-commerce credit card

2 min read

virtual launch of UnionBank-Lazada e-commerce credit card

Riding on the exponential rise in online shopping during the coronavirus (COVID19) pandemic-induced lockdowns, Aboitiz-led Union Bank of the Philippines has teamed up with leading e-commerce platform Lazada to unveil what is touted to be the country’s first-ever e-commerce credit card.

“The COVID lockdown has brought unprecedented change in our lives but we Filipino people, are a resilient group. So we have learned to cope. Since we can not go out, we have been buying a lot of goods online,” UnionBank president Edwin Bautista said during the launch of the new co-branded credit card on Friday.

“As we navigate through these difficult times, we need to make an effort to look for the sunshine and silver linings. And if there’s one sector in the country that has seen positive growth these past few months , it would be e-commerce,” said Anna Delgado, customer finance center head and chief customer experience officer of Union Bank.

“While the idea of buying things online is not new for us, the pandemic has accelerated the adoption of digital (channel) because it provides us with a safer shopping alternative to the brick-and-mortar model that we’ve all been accustomed to over the decades. As a result of this, e-commerce transactions are at all time high and we can certainly expect that e-commerce could maintain this momentum,” Delgado said.

Although spending on travel and tourism has slowed down credit card spending during the lockdown, there has been a big surge in online purchases for consumer goods.

“At Lazada, we continue to work to expand our digital payment capabilities as part of maintaining a safe and secure online environment for consumers,” said Ray Alimurung, chief executive officer of Lazada Philippines.

“As Filipinos embrace and adopt cashless digital lifestyle solutions , the new UnionBank Lazada credit card will enable consumers to gain more value for their purchases and rewarded with exclusive lifestyle benefits,” he said.

Application is done all online.

The new credit card offers rewards that can be converted to credits at Lazada wallet. Every P200 purchase at Lazada earns P6 credits, while every P200 purchase at all other merchants earns P1 credit.

Free P5,000 Lazada e-wallet credits will be given as welcome gift for newly approved cardholders.

The card also offers free monthly shipping at Lazada of up to P50 for a minimum purchase of P2,500 at the same platform.

There will also be free P250 discount vouchers for a minimum purchase of P5,000 at Lazada during the five mega sales that will happen all year round.

Annual free of P3,000 is waived for the first year.

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