AUB, Mastercard tie up for virtual card launch: Philippines

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Asia United Bank (AUB) has tied up with Mastercard to launch a virtual card for online purchases as more Filipinos embrace digitalization.

Mags Surtida, cards and acquiring group head at AUB, said the Mocasa virtual card would give its customers access to Mastercard's online merchant acceptance network, enabling them to make payments seamlessly and safely to millions of merchants online.

'Mocasa is looking for ways for its customers to utilize loan funds disbursed to them. Through the Mocasa app, customers can use the loan proceeds to pay utility bills, buy prepaid load, scan, and pay QRPh merchants or use it to shop at Mocasa's existing merchant tie-ups,' Surtida said.

The virtual card is expected to meet the growing demand for a digital payment option that suits the young and digitally native Philippine population, which includes a high proportion of mobile-first customers.

The partnership is riding on the country's growing digital economy, where e-commerce transactions are projected to grow by a compounded annual growth rate of 17 percent to reach $22 billion by 2025.

The partnership allows Mocasa to grow its merchant network faster by having access to the Mastercard virtual card technology.

'We are opening up Mocasa's customer base to millions of e-commerce merchants who accept Mastercard card payments today. With this offering, Mocasa can purely focus on its core business of client acquisition and lending,' Surtida said.

Mastercard country manager for the Philippines Simon Calasanz said the demand for digital payment options is rapidly rising across the world and consumers are increasingly more digital-first in how they live, work and play.

'Mastercard is proud to collaborate with AUB and Mocasa to bring the benefits of Mastercard's virtual card technology and acceptance network to millions of users in the Philippines and globally,' Calasanz said.