SeaBank Philippines, a mobile app-based rural bank, launched cashback rewards after posting its first profitable quarter this year.
"As we have now become financially sustainable, we wanted to express our gratitude to our customers by offering the cashback program that we hope would resonate with them through their digital journey," SeaBank Philippines president Marco Cabreza told Daily Tribune.
The bank app's users can obtain rewards using its QR code payments and Virtual Debit Card.
SeaBank said customers can receive a monthly cashback of P100 when they pay items at partner merchants' physical stores using QR codes.
It added customers can also enjoy up to P100 monthly cashback using their Shopee-linked SeaBank accounts.
"We recognize the increasing adoption of digital payments among our customers, and it has always been our commitment to offer seamless financial management to Filipinos," Cabreza said.
Virtual debit cards
Using their SeaBank Virtual Debit Cards, customers can increase their cashback rewards, the bank said.
"As the industry-first cashback virtual debit card, SeaBank offers cashback incentives for all purchases when customers use the mobile app’s virtual debit card for online payments such as in ride-hailing, food, and online shopping apps," SeaBank said.
SeaBank Philippines marked its first profitable quarter with a 252 percent growth in net income to P110.7 million from January to March.
SeaBank said it achieved the surge in profit after the app’s launch in June 2022.
Compared with the first quarter of 2023, Seabank said its loan portfolio expanded by 127 percent to P13 billion.
Meanwhile, the bank said deposits jumped by 75 percent to P20.23 billion.
