EastWest Bank, delivery platform Foodpanda, and Visa have jointly launched a new co-branded credit card in the Philippines aimed at encouraging consumers to shift towards cashless payments.

Launched in Makati on Tuesday, the card offers specific benefits designed to entice users away from cash transactions.

These perks include a 10% cashback on foodpanda orders worth up to PHP 4,000. They will all be credited on a weekly basis.

Additionally, the annual fee is waived for the first year. Plus, the initial batch of applicants will also receive a six-month “pandapro” membership.

Foodpanda Philippines noted that this is its first co-branded card in the country. It comes where a significant portion of its user base still relies on cash payments.

“We also want to allow more customers to stop using cash and using digital options which is easier, simple, and flawless,” said Daniel Jaramillo, Managing Director of Foodpanda Philippines.

Lex De Castro, Finance Director of Foodpanda Philippines, added that the partnership aims to bring the cash or the cash on delivery (COD) users into online shopping, basically through the credit card partnership with EastWest Bank.

EastWest CEO Jerry Ngo stated that the bank aims to expand its credit customer base by tapping into foodpanda’s estimated 4 million customers.

Ngo highlighted the card’s Near Field Communication (NFC) capabilities, noting the industry’s broader shift toward a “tap to pay society”.

“An NFC card as well so that’s really exciting for us because that should also revolutionise the way we do things. Things should move into contactless payments,” Ngo said.

The companies expressed optimism regarding the launch timing. They are trying to position the card ahead of the December holiday season when food spending typically increases.

Featured image: Edited by Fintech News Philippines based on an image by EyeEm via Freepik.