Philippines-based Asia United Bank has partnered with Mastercard to launch a virtual card for online purchases in a bid to support digitalisation. Representatives from AUB cited by zawya.com emphasised that the Mocasa virtual card will provide AUB customers with access to Mastercard's extensive online merchant network, enabling them to make secure and convenient payments at a multitude of online merchants.

They further explained that the Mocasa virtual card offers options for customers to employ loan funds disbursed to them. Through the Mocasa app, customers can allocate loan proceeds to pay utility bills, execute QRPh merchant transactions, and make purchases through existing Mocasa merchant partnerships. Digitalisation the Philippines The introduction of this virtual card caters to the growing demand for digital payment solutions, particularly among the youthful and digitally oriented population of the Philippines, many of whom are mobile-first consumers.

This partnership also comes in the context of the Philippines' expanding digital economy, as Zawya reports that ecommerce transactions are projected to increase at a compounded annual growth rate of 17%, reaching an estimated USD 22 billion by 2025. The collaboration with Mastercard empowers Mocasa to rapidly expand its merchant network through access to Mastercard's virtual card technology. Mocasa can now focus primarily on client acquisition and lending, consolidating its core business.

Officials from Mastercard highlighted the surging global demand for digital payment solutions, driven by consumers' increasing reliance on digital channels in their daily lives. They also highlighted Mastercard's pride in partnering with AUB and Mocasa, extending the advantages of Mastercard's virtual card technology and acceptance network to millions of users in the Philippines and around the world. Other developments from Mastercard Mastercard has engaged in several other partnerships in 2023, including one with supply chain finance platform KredX in September 2023.

This collaboration aimed to make B2B digital payments rewarding for both enterprises and vendors. As part of the joint effort, Mastercard integrated its commercial card service with the KredX platform, eliminating complexities associated with B2B payments, especially those made via cards. The platform aims to allow enterprises and vendors to improve their cash flows by equipping them with features like dynamic discounting, early payment, and price discovery.

Supported by artificial intelligence, it will act as a complete procure-to-pay offering for businesses, helping them with faster and more efficient matching and processing of invoices. Further, the Smart Bid algorithm will help enterprises discover better discount rates from vendors. .