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BUY now, pay later mobile app Atome and Mastercard have teamed up to introduce the Atome Card in the Philippines, giving Filipino customers a new credit-based payment option.
In a statement, Magic Tang, Atome Payment Partnerships director, said the Atome Card will give many underserved segments in the Philippines access to a flexible credit facility with no annual fees and minimum income requirements.
"Mastercard is delighted to partner with Atome on this innovative product that will contribute to building a cash-lite society," underscored Simon Calasanz, country manager of Mastercard Philippines.
Calasanz mentioned that the new partnership would drive financial inclusivity by serving more than 70 percent of Filipinos who are unbanked or underbanked and do not qualify for credit cards.
The country manager of Mastercard Philippines further explained that the Atome Card would allow cardholders choice, control and manage their finances.
"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," said Calasanz.
Atome mentioned that the new card has a P200,000 credit line due in 45 days. The company won't impose any yearly fees, sign-up costs or other unforeseen costs.
A virtual or physical Atome card permits its owner to make purchases offline or online everywhere Mastercard is accepted.