In a move that blends innovation with financial inclusion, UnionBank has introduced its newest offering, the “iPhone Saver” program — an initiative designed to make premium Apple devices more accessible while helping Filipinos build their financial footing.

Speaking at the launch, Mukul Sukhani, executive vice president and head of cards and consumer loans at UnionBank, said the concept was inspired by a challenge posed by Apple a few years ago. “The Apple team threw a challenge at us… ‘Can you really make Apple products on installment at true zero?’” he shared. “And the UB team is one that is always excited by challenges… so we took on that challenge.”

This collaboration led to a series of installment offerings that gained traction over time. As the partnership evolved, Apple shared global best practices that eventually helped shape the iPhone Saver program.

At its core, the program is designed to be simple and accessible while supporting customers in their broader financial journey. “What it does to the customers is it builds their financial journey — that’s the beauty, fundamentally, of the program,” Sukhani said.

The iPhone Saver combines a digital savings mechanism with a pathway to credit. Users open a fully online savings account, set a goal for a desired iPhone unit, and save consistently through the app while tracking their progress.

Once the savings goal is reached, the accumulated amount serves as a security deposit for a secured credit card, which is automatically granted without a separate application. The card offers benefits such as 0 percent installment plans, extended payment terms and partner discounts with retailers like Digital Walker and Beyond the Box.

Users also gain perks including guaranteed approval, cashback incentives tied to their savings progress, and the opportunity to “graduate” to a regular credit card with responsible usage over time.

Sukhani noted that the initiative also aims to address gaps in financial inclusion. “Only 30 percent of Filipinos actually have a savings account, and only 15 percent… have access to credit,” he said. Through a fully digital onboarding system, the program seeks to expand access to both savings and responsible credit.

Account opening to savings and credit access can be completed online, enabling participation from anywhere. “We have a best-in-class onboarding journey, which is 100 percent digital, 100 percent seamless,” Sukhani added.

As the program rolls out in the Philippines, the bank is optimistic about its potential to not only drive device ownership but also broaden access to formal financial services.