Sunday, 4 August 2024
DBS launches metal Visa Paywave card with DBS Insignia
Singapore -- DBS is rolling out an enhanced proposition for the DBS Insignia Visa Infinite Card by introducing the world’s first metal card with Visa payWave functionality. The launch of a contactless-enabled metal card is the latest initiative in the bank’s continuous drive to support a cashless society and to meet the evolving payment needs of customers within the affluent and high net-worth segment.
Affluent customers are a key and fast growing segment for the bank. According to Visa, the affluent segment in Singapore is growing at 25% year on year. The needs of this segment are multi-faceted. From lifestyle privileges, exclusive VIP access to simply having their payment needs met – they look to a single card to fulfil all these needs. The DBS Insignia Card, available by invitation only, with its benefits and exceptional concierge service has been the preferred card for high net-worth individuals, including DBS Private Banking clients.
The bank is also seeing more affluent cardmembers embrace cashless payment offerings in Singapore, with contactless payment transactions among DBS cardmembers growing rapidly in recent years. In Singapore, 40% of face-to-face transactions made today are contactless.
In recognition of the growing shift towards contactless payments, it is therefore particularly significant that the bank is launching the world’s first contactless-enabled metal card for high net-worth customers. A card that possesses both form and function, DBS Insignia is a state-of-the-art metal card that serves both as status symbol, while providing customers the freedom and ease of contactless payments.
Visa is seeing 70% of their affluent cardholders use contactless payments, eCommerce and mobile wallets. Close to 50% of this volume is contributed by the affluent segment.
“The introduction of the world’s first Visa payWave metal card – DBS Insignia is aligned with the needs of the affluent consumer today who are embracing a cashless lifestyle. At Visa, one-third of our affluent cardholders are heavy contactless users. Today, one in four Visa payWave transactions is contributed by the affluent segment and we are seeing close to 90% year-on-year growth on Visa payWave affluent users. In addition, we are also seeing an increase in number of contactless transactions made by this segment at 165%,” said Ms. Ooi Huey Tyng, Visa Country Manager for Singapore and Brunei.
“Our affluent customers are embracing payment innovation as they shop in-store, book international travel, or shop online. Contactless payments and going cashless are a part of everyday life as more consumers and retailers recognise the convenience and speed necessary for busy people on the go. DBS’ launch of the world’s first metal Insignia credit card with Visa payWave is also the latest in our drive to help transform Singapore into a truly cashless society,” said Mr. Anthony Seow, Head of Cards and Unsecured Loans at DBS Bank.
Re-disseminated by The Asian Banker
