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Banks (Finance)

Security Bank Enhances Online Safety with NEXT Mastercard

Strategic Insights

— 1 min read

Philippine consumers are increasingly relying on digital transactions, a trend that has heightened concerns over fraud prevention and online safety. Security Bank Corp. has taken steps to improve online security with its new NEXT Mastercard, a credit card offering designed to provide a seamless shopping experience for customers. The card features advanced security measures, including automatic installment payments and a one-time password validation process.

Key Takeaways:

  • The NEXT Mastercard aims to provide a BetterBanking experience for clients by ensuring online safety and security, according to Celeste Lim, first vice president and head of the cards business development and operations group at Security Bank.
  • A survey conducted by Security Bank showed that 61% of respondents listed fraud prevention and online safety as concerns that affect how consumers pay for their purchases.
  • The SimplyPay service allows customers to pay for purchases up to P500,000 to stores that do not have a credit card facility, providing an alternative payment method for essential items.
  • The NEXT Mastercard includes features such as automatic installment payments for purchases above P5,000, and a one-time password validation process for online transactions.
  • 90% of consumers surveyed want a consumer alert feature to have more control over their banking experience.
  • Filipinos consider annual fees as the top consideration when picking a new credit card, highlighting the need for cost-effective banking options.

Statistics:

  • 61% of respondents are concerned about fraud prevention and online safety when paying for purchases.
  • 90% of consumers want a consumer alert feature to control their banking experience.
  • The SimplyPay service allows customers to pay for purchases up to P500,000.
  • The NEXT Mastercard features automatic installment payments for purchases above P5,000.
  • 50% of smartphone users in Asia-Pacific use their phones to check their bank accounts (Nielsen study).

Sources:

  • "Manila Successfully Hosts Miss Universe Competition" by Lawrence Agcaoili (The Philippine Star, May 5, 2021)

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