Banking on the country’s growing digital economy, Asia United Bank (AUB) has partnered with Mastercard to launch a virtual card so customers can make online purchases through credit payment platform Mocasa.
The Mocasa Virtual Card will be a feature on Mocasa’s app and will give its customers access to Mastercard’s online merchant acceptance network, enabling them to make payments seamlessly and safely to millions of merchants online.
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 (CAGR) of 17 percent to reach $22 billion by 2025.
The Mocasa 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.
“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,” Mags Surtida, AUB senior vice president and Cards & Acquiring Group Head, said.
