EXECUTIVES of Union Bank of the Philippines and Data Analytics Ventures Inc. expect credit card usage in the Philippines is experiencing a boom due to “revenge shopping” and consumers having better means of earning.
Vishal Kadian who heads UBP’s credit cards and personal loans unit, said they expect the partnership would expand the coverage of the market “as digital shopping continues to be embraced by millions of Filipinos, particularly those belonging to the generations Y and Z.” Deng said the partnership between Davi, a subsidiary of JG Summit Holdings Inc., and Aboitiz-controlled UBO “will bring great synergy to the two companies as they can share their best practices.”
According to Deng, for every P200 purchase would give one point to a buyer using the “UBP Go Rewards” credit card. Platinum cardholders are given one point for every P100 spent. She said these points can be used to redeem free items or services such as flight tickets and those offered exclusively by card partners. She added the points can also be used to pay for purchases at Robinsons Retail stores, with each point equivalent to a peso.
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