Security Bank’s Wave Mastercard has been awarded the Best New Product Launch Strategy in the Philippines by The Asian Banker (TAB) at the Philippine Finance Awards 2024 in September. The honor marks the fourth award the Wave Mastercard has received this year.
Launched in February 2024, the Wave Mastercard was designed to meet the demands of discerning, budget-savvy, and environmentally conscious consumers. Its features include waived annual fees for life, 1 percent cashback on online purchases, low interest rate of 2.5 percent, and it is made from 100 percent recycled PVC—the first in the country.
The Wave Mastercard quickly gained traction among GenZ customers, achieving the bank’s highest acquisition count across its offerings. In recent months, it has shown sustained growth, and the monthly spend is currently double the average spend of cardholders of the previous no annual-fee variant.
“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.”
Characterized by a dynamic wave design, the Wave Mastercard isn’t merely aesthetic—it also embodies the bank’s commitment to eco-conscious commerce. Traditionally, each new credit card requires five grams of virgin plastic. With approximately 11.8 million credit cards in the country as of March 2023, this amounts to 59 metric tons of plastic—a staggering equivalent of 1.5 million plastic bottles. Given that credit cards typically last only three years, the cycle perpetuates, leading to increased plastic production annually.
Furthermore, on the same day, Lucose Eralil, EVP and chief operating officer, and Dennis Tangonan, SVP and chief information officer, were honored by TAB as part of its Global List of Leading Practitioners (LLP) for their contributions and commitment to advancing technology and business practices within the financial services sector.
