The Asian Banker Awards Security Bank's Wave Mastercard with the Best New Product Launch Strategy

The Asian Banker (TAB) recognized Security Bank's Wave Mastercard as the best new product launch strategy in the Philippines during the Philippine Finance Awards 2024 on September 26, 2024. This prestigious honor marks the fourth award the Wave Mastercard has received this year. ​

The Wave Mastercard, which debuted in February 2024, was created to address the needs of today's discerning, frugal, and ecologically sensitive consumers. Its features include waived annual fees for life, 1% cashback on online purchases, a low interest rate of 2.5%, and it is made from 100% recycled PVC—the first in the country.
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The Wave Mastercard immediately obtained popularity among Generation Z customers, resulting in the bank's highest acquisition count across all offers. In recent months, it has demonstrated consistent growth, and the monthly spend is now double that of cardholders of the prior no-annual-fee variety. 

“The Security Bank Wave Mastercard is a dynamic credit card product that transforms banking norms and champions sustainability. We’re extremely proud it has resonated so well with customers,” said Rahul Rasal, EVP and Retail Banking Segment Head, Security Bank. “Thank you to The Asian Banker for recognizing this industry-leading credit card product, which epitomizes our dedication to delivering unparalleled financial services and customer experiences.”
 
The Wave Mastercard, with its dynamic wave design, is not only visually appealing; it also represents the bank's commitment to environmentally friendly commerce. Traditionally, a new credit card requires five grams of virgin plastic. As of March 2023, the country had around 11.8 million credit cards, which equates to 59 metric tons of plastic—a whopping 1.5 million plastic bottles. Given that credit cards typically last three years, the cycle continues, resulting in additional plastic production each year.