August 18, 2022

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Mastercard and Atome launch new credit card

ON THURSDAY, partners Mastercard, Inc. and Atome Philippines announced the launch of the Atome Card in the Philippines, with applications accessible via mobile with no minimum income needed.

“The Atome card provides cardholders with an Atome line of credit that can be used to pay online and in-store retailers by simply presenting their Atome Card during checkout,” the partners said in a press release said.

It noted that the credit card contains a credit line of P200,000 payable in 45 days. It will not charge annual fees, sign-up fees, or other hidden charges.

Using a virtual or physical Atome card, holders can shop in-store or online wherever a Mastercard is accepted.

“Mastercard is delighted to partner with Atome on this innovative product that will contribute to building a cash-lite society and drive financial inclusivity by serving more than 70% of Filipinos who are unbanked or underbanked, and do not qualify for credit cards,” Simon Javier Calasanz, country manager of Mastercard Philippines, was quoted as saying in the press release.

“For merchants, this also means increased sales and better conversion rates, extending the benefits of digital commerce to more consumers and businesses in the Philippines,” he added.

An application, available on the App Store and on Google Play, also makes it possible for holders to track consumption and payment schedule.

“The launch of the Atome Card marks an exciting new chapter for Atome, as it’s the first financial service we offer apart from Buy Now, Pay Later. With no annual fees and minimum income requirements, the Atome Card will give many underserved segments in the Philippines access to a flexible credit facility, the first such innovative solution across the region with more markets to come in the next few months,” said Atome Payment Partnerships Director Magic Tang.

Atome launched in the Philippines in October last year, with over 600 online and offline retail partners, which include SM Store, Zalora, Suyen Corp., Primer Group, Agoda, Converse, Giordano, Rustan’s, Timex, National Book Store, Time Depot, Anker, Garmin, Uratex, Fitness First, Skechers, Toby’s, Bayo, Pretty Looks, and Boozy.

In the region, it is also affiliated with over 15,000 online and offline retailers in nine other markets, namely: Singapore, Indonesia, Malaysia, Hong Kong, Taiwan, Vietnam, Thailand, China, and Japan. — Diego Gabriel C. Robles