UNIONBANK of the Philippines, Inc. has partnered with Shopee and Lazada Philippines to give their clients direct cash-in services with the e-commerce platforms.
“These partnerships are timely especially now at a time when e-commerce and cashless transactions are exponentially rising. This ensures Filipinos can participate in the headwinds of innovation and a better, more seamless customer experience as a result.” UnionBank First Vice-President and Head of Fintech Group Erika Denise B. Dizon said in a statement.
A previous study by Franklin Templeton estimated that gross merchandise value of the e-commerce sector could reach $15 billion by 2025.
The cash-in option from UnionBank will be available for both ShopeePay and LazadaWallet.
Clients will also have access to discounts and benefits for their top-up transactions, UnionBank said.
In 2020, UnionBank launched a tie-up credit card with Lazada which gives users Lazada points for a particular minimum spend in the e-commerce platform. The card is powered by Mastercard, Inc.
The lender has also partnered with Lazada to offer loans to sellers within the online platform.
The Aboitiz-led lender’s net income increased by 26% from a year earlier to P10.71 billion in the nine months to September 2021, backed by improving core businesses and lower loan loss provisions.
UnionBank’s shares closed at P98.95 apiece on Tuesday, down by 95 centavos or 0.95% from its previous finish. — Luz Wendy T. Noble