There are 38.88 million Filipinos who buy consumer goods online (via the Internet). According to Janio Asia, a cross-border logistics service provider based in Singapore, the total value of consumer goods in the e-commerce market has increased by 42.5% in recent months. Card payments are expected to rebound strongly by 15.4% this year, after falling 7.4% in 2020. The main driver of growth is improving economic and health conditions.
RCBC Bankard, the credit card arm of Rizal Commercial Banking Corp. (RCBC), along with ZALORA, the region’s leading fashion and lifestyle e-commerce platform, and Mastercard jointly launched the ZALORA credit card with online shoppers in mind. This new financial product is packed with fashion and lifestyle perks and giveaways every time account holders shop. This card is also the very first sustainable credit card in the Philippines (inedible corn was used).
The credit card offers free purchase credits of 5,000 PHP upon opening the account. The product also allows cardholders to earn ZALORA Credits on all card transactions, offers unlimited free shipping with no minimum spend, zero percent down payment, and exclusive offers on ZALORA orders.
In addition to these benefits, the first year annual fee is also waived, and cardholders will have access to RCBC Bankard’s expense monitor and expense analyzer to help them better manage their spending.
“This strategic partnership is timely given the growth of the e-commerce industry and improving economic prospects in the Philippines. Additionally, the ZALORA credit card demonstrates our commitment to our customers to continue to innovate to provide mobile and payment solutions that truly meet their needs and deliver the best customer experience. With ZALORA and Mastercard, we are thrilled to usher in a more dynamic, hugely rewarding and secure payment experience that complements our customers’ evolving lifestyles, ”said Arniel Vincent B. Ong, President and CEO of RCBC Bankard.
RCBC Bankard Services Corp. (RBSC) is one of the subsidiaries of RCBC and is responsible for managing the credit card business of the financial institution headed by Yuchengco. On the other hand, ZALORA is part of Global Fashion Group (GFG), the leading fashion and lifestyle destination in Asia-Pacific, Latin America and the CIS. In 2017, the Ayala group became a strategic investor of ZALORA in the Philippines, paving the way for multiple value-added initiatives at all levels.
Paulo Campos, Co-Founder and CEO of ZALORA Philippines, said: “The launch of the ZALORA credit card comes against the backdrop of the ongoing pandemic, in which 52% of Filipinos first shopped online. while they continue to stay at home. . As a result, e-commerce in the Philippines is still going strong and is expected to reach US $ 15 billion in 2025, up from US $ 3 billion in 2019 and US $ 4 billion in 2020. By providing attractive rewards every time consumers spend online with the ZALORA Credit Card, both on the ZALORA platform and beyond, ZALORA seeks to leverage emerging online shopping behavior to boost consumer loyalty.
In the third quarter of 2021, RCBC Bankard was among the top 5 issuers in terms of billing and receivables in the Philippines and has a portfolio of nearly one million cards. It was also recently named “Best User Experience for Mobile Banking” by The Digital Banker and “Mobile Banking & Payment Initiative of the Year (Philippines)” by the Asian Banking & Finance Retail Banking Awards 2021.
“As more Filipinos embrace digital cashless payments to enable their way of life and work, it is essential that Mastercard, together with partners such as ZALORA and RCBC Bankard, continue to bring to the market digitally driven user experiences. In addition, Mastercard credit cards are designed to be safe, simple and secure so consumers can have peace of mind that every transaction is protected. The ZALORA co-branded card brings many firsts to the market, and Mastercard is delighted to play a role in this invaluable partnership. According to Simon Calasanz, Country Manager, Mastercard Philippines.
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