BPI card unit looking to expand base to 1-million cardholders

BPI Card Corp., the credit card unit of the Bank of the Philippine Islands (BPI), is looking to expand its base to one million cardholders with the introduction of smart cards and a new rewards program for cardholders and merchants.

“Our target is to increase our cards to one million by the end of the year,” said Maria Cristina Go, assistant vice president of BPI Card.

The company’s total cards-in-force currently stand at 800,000 catering to over 20,000 merchants. The card issuer has been recording growth rates of more than 17 percent over the past three years.

The country’s total cards-in-force, on the other hand, is estimated at around 3.2 million growing by 10 to 15 percent annually.

Go said they expect growth to be boosted by the launch of the company’s smart card as well as the offering of more rewards and convenience buying through the use of cards.

Smart cards are loaded with high-powered yet flexible microchip, that could be used as a credit and debit card, an ATM card, a contact-less card, identification card, electronic wallet, including settlement for mass transit rail (MRT).

BPI Card issues its own smart cards as well as cards co-branded with MasterCard. “Our cards are acceptable globally, making them ideal for overseas Filipinos and their beneficiaries,” Go said.

The card firm has also offered a bigger basket of rewards and incentives, the latest of which is a card that automatically enrolls the holder with life insurance from Ayala Life Assurance Inc. The coverage is computed as 12 times the past average three-month billing.