BDO UNIBANK, Inc. has partnered with American Express Co. to offer a virtual card with an adjustable credit limit targeted towards those making online transactions.
The virtual card will be linked to a client’s primary card and will include an additional layer of account information security, the Sy-led lender said in a statement on Monday.
“With the BDO American Express Virtual Card, we are offering our cardmembers a product that addresses their reservations about online credit card payments and gives them the assurance they can shop online confidently,” BDO Senior Vice- President and Consumer Banking Marketing Head Nannette R. Regala said in a statement.
Aside from the flexible credit limit that they can set based on their online purchasing needs, the virtual card also allows its users to track their transactions.
Cardholders can also earn reward points for every transaction with the same value as their primary credit card.
Applying for the virtual card is free for BDO American Express cardmembers.
“We understand some customers feel more comfortable using a separate credit card number for their online transactions. We are always looking to expand and improve our products and services to support the evolving payment needs of our customers — and the virtual card does just that,” American Express Vice-President and General Manager, Global Network Services – South East Asia and South Pacific Sanjiv Malhotra said.
BDO cited a study by audit and consulting firm PwC Global, which showed that preference for e-commerce continues to grow, even as in-store shopping is still preferred by consumers.
A separate report by Bain & Co., Google, and Temasek Holdings said the gross merchandise value of the Philippine digital economy could reach $28 billion by 2025, translating to a 30% compound annual growth rate as more consumers try shopping online.
BDO’s net income increased by 19% to P10.4 billion in the first quarter.
Its shares went down by P3.30 or 3.13% to close at P102.30 apiece on Monday. — LWTN