MANILA -The Gokongwei group has expanded its partnership with the Aboitiz-led Union Bank of the Philippines (UnionBank) by launching a new payment tool, introducing a credit card product which is seen increasing the reach of its retail loyalty program Go Rewards.
The UnionBank-Go Rewards Visa credit card was officially launched on Tuesday in Quezon City during a public showcase of the payment facility which is seen reaching hundreds of thousands of users in its first year.
“Through this powerful collaboration with UnionBank, we have developed a unique all-in-one credit card and loyalty program that enhances and elevates your shopping experience,” Go Rewards CEO Cindy Deng said in a statement.Transactions paid through the newly introduced credit card earn customers one point for every P200 spent for the basic card, while Platinum cardholders earn one point for every P100 spent.
The rewards can be redeemed in any of the more than 20 Go Reward partner brands which include, among others, Cebu Pacific, Robinsons Retail stores and Caltex.“What we know about the Filipino shopper is that they enjoy shopping but that they also enjoy value-oriented shopping,” Deng said during the launch event, highlighting the driving force behind this collaboration.Vishal Kadian, card and personal loans head at UnionBank, said that they are targeting to have around 200,000 users in the next 12 months, expressing hope that interest rates will become more attractive for users as inflation cools down further.
“You can see the inflation looks good. It’s coming down. And that’s an early indicator of interest rates,” Kadian told reporters on the sidelines of the event.
The UnionBank executive said further that there is more room for growth, saying that less than 7 million of the more than 100 million Filipinos have credit cards today.
He said that they are also looking at more collaboration with Go Rewards in the future, adding that they are exploring other areas of cooperation when it comes to payment options for customers. INQ