BTSE Debit Card aims to open up global access to funds

Source: BTSE. The BTSE Debit Card.

A new crypto debit card accepted at over 53 million MasterCard merchants worldwide and compatible with more than 1 million ATMs around the world has launched. The BTSE Debit Card is fundable with multiple fiat and cryptocurrencies, and does not need to be linked to a bank account.

BTSE is a fintech company that empowers individuals to take control of their financial freedom. Its crypto debit card will enable balances to be stored in four stablecoins, including Tether (USDT), USD Coin (USDC), TrueUSD (TUSD) and Digital Chinese Yuan (DC), as well as eight fiat currencies, including Euros, British pounds, HK$, A$, S$, C$, Japanese yen and US$.

Highlights of the card include:

- Withdrawing up to US$5,000 a day at over one million ATMs around the world.

- A spending limit of up to US$250,000 a month.

- Usable everywhere MasterCard is accepted

- Accumulate points with purchases. The points can be exchanged for rewards in BTSE’s upcoming rewards shop.

BTSE has also announced a membership programme to enhance the features of the card further. BTSE Elite membership starts at US$9.99 per month and will include a free debit card upon signup.
Limited personal information is collected during signup to protect card users.

Jonathan Leong, Co-Founder and CEO of BTSE said, “With the BTSE Debit Card, we set out to solve issues that repeatedly arise with a large percentage of people, crypto and fiat holders alike that face obstacles when attempting to access their funds globally – obstacles that I see as unjustified.”

“The card offers users a globally-accepted payment option with high limits, a rewards programme, and support for multiple fiat and crypto funding options, all without the need for a bank account. Additionally, the card will only convert assets upon use, thereby allowing users to maximise their crypto asset value and appreciation.”

BTSE recently became a member of the Liquid Network – a global, collaborative effort to increase financial movements across exchanges and reduce reliance on traditional currencies.

Details:

The BTSE Debit Card costs $14.99.

The physical card is officially set to launch in May. Preregister for a card

NBK offers World Cup fans a limited edition prepaid card

Source: NBK website. The NBK FIFA World Cup prepaid
cards.

The National Bank of Kuwait (NBK) has launched a new, limited-edition prepaid card celebrating FIFA and the upcoming World Cup series for football lovers in Kuwait.

The FIFA World Cup Prepaid card is exclusive to NBK customers and includes all standard prepaid card benefits and options. It is available to all NBK customers over 17 years old and Shabab customers who transfer their allowance to NBK.

Customers can apply for the card easily via the NBK mobile banking app, or the NBK website NBK.com. The card will be delivered to your doorstep with no extra fee.

“NBK offers this unique, limited edition FIFA World Cup prepaid card for our customers who are football enthusiasts,” said Mohammed Al Othman, GM, Consumer Banking Group, National Bank of Kuwait. “Holders enjoy all the benefits of an NBK prepaid card including NBK Rewards, Visa Global Assistance and other flexible and convenient offers and benefits.”

“NBK creates the best services and products tailored to suit our customers lifestyle needs,” Al Othman added. “We go the extra mile to show appreciation to our customers. This is part of the bank’s long term strategy to build lasting, loyal relationships with our customers.”

Card benefits include control over budgeting and spending, worldwide recognition and NBK secure Shopping. Card holders can determine how much to transfer to the card, thus setting their own spending limits. The card can also be reloaded via the NBK mobile banking app or NBK.com website. Prepaid card holders also earn cash back and other rewards as part of the NBK Rewards loyalty programme.

The 2018 FIFA World Cup in Russia runs from 14 June to 15 July.

Travel rewards galore with the NBK Miles World Mastercard

Source: NBK. The NBK Miles World Mastercard.

Frequent travellers from Kuwait can earn points and gain airport lounge access with the NBK Miles World Mastercard. 

NBK Miles Points can be redeemed to book flights with more than 800 airlines, 150,000 hotels, and renowned car rental agencies around the world. When encashing miles, cardholders can fly to any destination on any airline, from any point of origin, and at any time of the year. There are no blackout dates, and no limit on the number of seats. Even ticket taxes can be paid using your miles points. 

“NBK’s Miles World Mastercard programme is very convenient, as it allows customers to redeem points and plan their entire trip from booking tickets to hotel accommodation, and even car rentals. It also gives them access to the best lounges across the globe, among many other benefits,” said Hanadi Khazal, Assistant GM - Consumer Banking Group, National Bank of Kuwait (NBK).

NBK Miles World Mastercard credit card holders earn three NBK Miles Points for each KD1 spent in Kuwait and five NBK Miles Points for each KD1 spent while travelling abroad. Cardholders are also eligible for the NBK Rewards Program, the largest loyalty programme in the region with more than 700 partner outlets in fashion, dining, lifestyle and entertainment.

The Miles World travel programme is also open to NBK Visa Signature, NBK World Elite Mastercard and NBK Visa Infinite credit card holders. Other programme benefits include travel insurance, free valet parking, concierge service, travel offers, and discounts.

Details: 

Learn more about NBK credit cards online. A Right for me comparison tool shows the rewards, promotions and benefits available for each card. New cardholders receive 10,000 free bonus points upon using their new NBK Miles World Mastercard for the first time.

Al Rajhi campaign to encourage card expenditure

Al Rajhi Bank has launched its House, Car and Salary campaign with over SR4 million worth of prizes. The campaign is aimed at increasing the usage of Al Rajhi cards (Mada or credit cards) both inside and outside KSA.
​
The grand winner, who must be Saudi, will get a house, a BMW 7 Series car, and a monthly salary of SR20,000 for a year. Another four winners will get a BMW 7 Series car, while a further seven will get a monthly salary of SR20,000 for a year.

Al Rajhi Bank is the biggest user of Mada cards in KSA. Mada cards are debit cards issued by KSA banks which have added security features. They can be used globally. Al Rajhi credit and Mada card holders enjoy instant discounts in many stores and shops in KSA. They also benefit from a premium rewards programme.
​​
Details:

The campaign ends 22 April.

Al Rajhi’s credit cards can be issued immediately from any of the bank’s branches in KSA, or through the bank’s self-service machines. Credit cards can also be requested through the bank’s website.

Sacombank JCB Ultimate Credit Card debuts in Vietnam

Sacombank, one of the largest commercial banks in Vietnam, and JCB International, the international operations subsidiary of JCB, have launched the Sacombank JCB Ultimate Credit Card in Vietnam.

This is the highest JCB credit card family for individual customers in Vietnam and is targeted at those with an income from VND80 million per month. The Sacombank JCB Ultimate Credit Card will offer them promotions and premium privileges.

Sacombank JCB Ultimate Credit Cardholders receive cashback for all transactions on weekends in specific merchant categories such as restaurants and supermarkets, at the rate of 15% for overseas spending, 10% for domestic spending and 0.5% for spending on the weekdays. In addition, cardholders are offered a special dish when dining at high-end Japanese restaurant merchants.

Sacombank JCB Ultimate Credit Cardholders are entitled to a number of other privileges such as travel insurance packages around the world; free use of over 57 lounges in Hong Kong, Singapore, Korea, and Thailand; refunds of 0.5% of all expenditures in addition to food expenses; 24x7 global support through a free hotline when booking car rentals, hotels, restaurants, and golfing in Japan.

UnionPay to up coverage in Turkey via ZIRAAT BANK and Garanti Bank

Turkey's ZIRAAT BANK has signed an agreement with UnionPay International to accept UnionPay cards at all of its ATMs and POS terminals by the end of the year, so as to further expand the scope of UnionPay cards in Turkey and to improve the experience of UnionPay cardholders visiting Turkey.

UnionPay expects that by the end of this year, the acceptance coverage rate of UnionPay cards at ATMs in Turkey will be increased from the existing 50% to near 70%, and that of POS terminals rising from 80% to near 90%. At present, over 6.3 billion UnionPay cards have been issued globally, making UnionPay the world's largest cardholder group.

Garanti Bank is to issue UnionPay credit cards this year as well, UnionPay said.

Cards are 52% of payments in Asia, but new tools are emerging

An omnichannel payments strategy is key to creating a seamless customer experience for 79% of merchants and retailers according to benchmark data in 2017 Global Payments Insight Survey: Merchants and Retailers from ACI Worldwide and Ovum.

The study* revealed that although the EMV card standard has lowered fraud prevention costs, fraud continues to shift online. And while merchants and retailers plan to considerably increase investment in payments to improve customer experience (by 50% compared to 2015), more than three quarters of these organisations view security, compliance and fraud management issues as the biggest barriers to their investment decisions.

Principal findings include:

· Cards continue to dominate the payments market for retailers and merchants, making up 52% of payments in Asia

· New and alternative payment tools now account for 10% of global merchant transactions, with contactless cards now accounting for near 2% of transactions in Asia as high sales-volume merchants embrace quick and convenient means of payment

· Six in 10 (59%) of merchants and retailers plan to increase their payments investments during the next 18 to 24 months, up from 50% in 2015

· Payments investment is high in all sectors, with 65% of travel and accommodation companies reporting an increase in investment levels

· Merchants and retailers increasingly expect payments investment to improve the customer experience, but more than 75% indicate security and compliance are the biggest barriers to payments initiatives

· Although 52% of merchants and retailers say their card not present (CNP) losses are growing, 70% say they are satisfied with their CNP fraud prevention tools.

“As commerce becomes increasingly digital, payments technology is critical to improving customer engagement and reducing costs—with 79% of global merchants and retailers noting that an omnichannel approach is key to creating a seamless customer experience,” said Lynn Holland, VP, ACI Worldwide.

“Although there isn’t one path to payments modernisation for merchants and retailers, the benefits of investing in new and alternative payments methods are increasing—in terms of both merchants’ bottom lines and overall improvement of customer experience,” said Matthew Heaslip, Analyst, Ovum. “To stay competitive in this changing retail market, merchants and retailers must foster strong payment partnerships with companies that not only understand their market verticals, but can also help them both improve their omnichannel capabilities and reach new customers.”

Interested?

Read the 2017 Global Payments Insight Survey: Merchants and Retailers report

*For the 2017 Ovum Global Payment Information Survey, which includes merchant, biller, and retail banking components, ACI and Ovum created a 23-point questionnaire, looking at the following criteria for key payments players: significant aspects of existing payments infrastructure; forecasts for spending; areas for investment and perceptions of where payments fit within their broader strategic objectives. This survey was sent to payments decision makers globally in December, 2016—January, 2017. It provides a snapshot of payment perceptions among merchants, financial institutions, and scheduled billing and payment- taking organisations such as higher education, consumer finance and insurance. Overall, 1,475 executives across 15 industry sub-verticals in 25 key global markets responded, resulting in more than 144,000 separate data points on perceptions and expectations of payments among critical payment enablers globally.

Industries surveyed include general merchandise, food service and restaurants, grocery, fuel and convenience, and travel and lodging, based in countries in the Americas, Asia Pacific (APAC) and Europe, Middle East and Africa (EMEA).

posted from Bloggeroid

Mastercard becomes preferred card partner at Changi Airport, Takashimaya Shopping Centre

Mastercard is now the preferred card partner for Singapore's Changi Airport (CAG), as well as at shopping destination Takashimaya Shopping Centre, fondly known locally as "Taka". The two landmark partnerships provide travellers and shoppers in Singapore with an enhanced selection of dining, shopping and lifestyle experiences.

“Our goal is to ensure that all our travelling, visiting and local cardholders have access to a stellar line-up of Mastercard rewards and benefits. From purchasing gifts and souvenirs at Changi Airport to buying a new outfit or dining at selected restaurants at Takashimaya Shopping Centre, we would like to provide our cardholders with incredible deals, compelling offers and rewards for their loyalty,” said Deborah Heng, Country Manager, Mastercard Singapore.

James Fong, Changi Airport Group’s VP, Landside Concessions, added, “We are delighted to embark on this partnership with Mastercard, which has helped us to create even more value for our visitors and travelers. With an exciting pipeline of exclusive events and promotions curated for Mastercard cardholders, shoppers and diners at Changi Airport will certainly be in for a treat. We look forward to continue working closely with Mastercard to strengthen our value proposition of delivering a rewarding Changi Experience to all our customers.”

Shuichi Hidaka, GM, Shopping Centre Management, Takashimaya Shopping Centre, said, “We are dedicated to providing world-class services and products to all our customers. This partnership with Mastercard will enable us to deliver even more value to our shoppers. We are committed to strengthening our partnership network to foster stronger and more engaging relationships with our customers.”

As the preferred card partner for Changi Airport, both overseas (business and/or leisure travelers) and local cardholders will have access to the benefits and rewards. The partnership also allows for all Mastercard cardholders to enjoy benefits for in-airport promotions and events if they sign up for the Changi Rewards membership programme.

All Mastercard holders are eligible to save up to 20% at participating outlets in Terminals 1, 2 and 3 (transit and public areas). All Changi Rewards Members who spend S$240 and over with Mastercard are eligible to redeem a pair of S.E.A. Aquarium one-day tickets (worth S$68) when they shop on the last weekend (Friday and Saturday) of every month. Retail outlets at Changi feature extended shopping hours till 11pm daily all year round. Shops elsewhere in Singapore typically close from 9pm to 10.30pm.

Further, all Mastercard cardholders who spend S$25 in a single same-day receipt at participating restaurants or cafes in Changi Airport Terminals 1, 2 and 3, can enjoy an hour of free parking on weekdays from 12pm to 3pm or 6pm to 9pm. 

As the official preferred card partner for Takashimaya Shopping Centre, tourists shopping with Mastercard cards can enjoy up to 15% off at all participating specialty stores, including Books Kinokuniya, Sephora and Pedro.

Interested?

Mastercard is also running promotions with Fiesta On A Great Street along Orchard Road, Singapore till 21 May. Takashimaya Shopping Centre is one of the participating malls

Mastercard launches debit card with EMV chip with BOC

Mastercard has teamed up with long-term partner Bank of China to launch the Great Wall International Debit Card, China’s first-ever cross-border, multi-currency debit card with an EMV chip.

This pioneering product has been designed to address key pain points for diverse consumer segments – particularly those who travel, study, or shop overseas – and presents a unique offering in China’s debit card market, with access to Mastercard’s global benefits.

Chinese outbound travel and cross-border e-commerce has grown rapidly in recent years, driving demand for payment products that support international purchases. Yet many consumers still face barriers to owning an international credit card, such as freelance workers, students studying outside of China, senior citizens, or those who have to travel at short notice. Some credit card holders can also face certain limitations, such as credit line restrictions overseas and high charges on currency conversions.

Meanwhile, debit cards are becoming increasingly popular, representing 70% of all payment cards and rising, according to consulting firm Retail Banking Research (RBR). This is being driven in part by the lower fees, easier application process, and flexible spending limits associated with debit cards. However, most traditional debit card products in China offer limited functionality, and cannot cater to the full breadth of consumer needs.

Addressing this trend and the challenges Chinese consumers face, Mastercard and the Bank of China have designed the new Great Wall International Debit Card to resolve diverse consumer pain points. For instance, the streamlined application process and more flexible eligibility enables people who are usually excluded from owning credit cards to obtain the card quickly, requiring only a valid form of identification. The card also allows consumers to spend freely according to the funds available in their bank account, which will be appreciated by consumers who are usually restrained by credit limits.

Adding to the product’s differentiation from all other debit cards on the market, cardholders will enjoy exclusive privileges covering travel, dining, and leisure experiences included in Mastercard’s Priceless Cities programme, as well as discounts on overseas shopping and study. Cardholders also enjoy zero conversion charges on 19 foreign currencies, low overseas cash withdrawal fees, and an exchange rate lock function that secures the most favourable rates.

Meanwhile, Mastercard’s EMV chip technology, password protection and an SMS notification service offer consumers peace of mind with the highest level of security on cross-border transactions.

“As China’s most international and diversified banking institution, Bank of China has a long history of leveraging its advantages to build an exclusive product portfolio with unique features and benefits,” said Yang Yimin, GM, Personal Finance, Bank of China. “The Great Wall International Debit Card we are issuing in partnership with Mastercard supports multiple currencies and caters to a variety of unmet consumer needs. At the same time, this product further strengthens our industry-leading foreign currency and cross-border commerce business.”

“Mastercard is committed to sharing its global resources with partners and collaborating to develop customised products that address real challenges for cardholders,” said Dennis Chang, Division President, China, Mastercard. “We are delighted to be working with Bank of China to introduce China’s first cross-border, multi-currency debit card with EMV chip, which addresses the growing global trend in debit card uptake* and meets the needs of diverse consumer segments. This pioneering innovation marks a major new milestone in our three decades of partnership with Bank of China, and we look forward to further collaborations to provide consumers with more secure, convenient, and rewarding cross-border payment solutions.”

Key advantages of the Great Wall International Debit Card include:

• Streamlined application procedure: An applicant may apply for a card at Bank of China branches by presenting his or her valid identity document
• Cash withdrawal at overseas ATMs at any time of the day; handling fee up to a maximum of US$5
• No service charge on currency conversions for overseas purchases
• Supports conversion of 19 foreign currencies
• Spending limit tied to funds available in the relevant bank account
• Yields income from interest; doubles as a foreign exchange and financial management product
• Exchange rate lock function
• Secure online shopping

*RBR Global Payment Cards Data and Forecasts to 2021

DIB reports outstanding success for Consumer Card

Source: DIB website. Banner for the Consumer Card page.

The Consumer Card introduced by the Department of Economic Development (DED) in Dubai and Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has exceeded all expectations by end-2016 in a highly competitive market, highlighting the importance customers place on the transparent nature of the offering and the customer-centric focus of the card.

Customers are drawn to the transparency the card offers, as they are rewarded for simply doing every day transactions, as opposed to increase their spending in return for rewards. The Consumer Card was launched in June 2016. Over the past six months, thousands of Consumer Cards have been issued, to the point where the card has already exceeded its target for its first year, while the total cashback payouts are at a record high. The highest combined amount of cashback was in the supermarket category, with the highest number of transactions on fuel spends. Salik and Nol payments were also popular.

Mohammed Ali Rashed Lootah, CEO Commercial Compliance & Consumer Protection (CCCP) sector in DED, said: "We are delighted with the success of the Consumer Card as it was launched as part of our strategic objective to make shopping in Dubai a pleasant experience through strengthening trust and productive partnerships between retailers and consumers. The card not only provides a new interface for substituting cash payments with smart payment options, but also enables consumers to avail of attractive discounts from various retail outlets.”

Lootah added that the success of the Consumer Card also underlined the successful co-operation between DED and DIB in stimulating growth and productivity in Dubai. “We are pleased to continue working with the Dubai Islamic Bank towards transforming Dubai into an innovation-driven and diversified economy,” he said.

Sanjay Malhotra, Chief of Consumer Banking at DIB, commented, “We are delighted to see that this unique Consumer Card launched in collaboration with DED has been a success with our customers who have acknowledged this product is not only easy to use but also convenient for them to earn cash back on. When we launched the Consumer Card, our core objective was to offer a low-cost, high-value payment solution in order to appeal to a larger number of customers who can enjoy the many exclusive benefits this product has to offer on their everyday purchases. I can proudly say that DIB and DED have been able to offer not just a product but a great experience to our customers, which is indeed a remarkable feat."

Ibrahim Selim Ergoz, GM, UAE, Qatar & Pakistan, Visa, said: “The Consumer Card is one of the key initiatives under a strategic partnership we have with DED and DIB, and is a great example of the public and private sectors working in tandem to help consumers in the UAE manage their finances in a safe, secure and responsible way. It has been successful because it meets a real consumer need while being easy to use, convenient and rewarding. As Dubai powers on with its Smart City initiative, Visa looks forward to being part of more initiatives like the Consumer Card that help to bring the Emirate’s vision of a cashless society a step closer to fruition.”

Issued in partnership with Visa, there are two variants, the Rewards Consumer Card and the Platinum Consumer Card, both offering discounts in over 450 outlets across the country. Card users are also eligible to receive up to AED1,000 cashback per month on daily purchases from supermarkets, automobile servicing, utility bills, fuel spend and movie ticket transactions. The card offers consumers savings and rewards on their daily supermarket purchases, fuel bills, utility bills, movies and more.

Serving 1.7 million customers, DIB continues to grow as it develops products tailored to changing consumer preferences.

Interested?

Read the WorkSmart Asia blog post about the launch of the Consumer Card

Affluent Southeast Asians sticking to regional travel

According to the UOB Affluent Consumer Survey 2016*, travel is a significant part of the lifestyle s of affluent Southeast Asians. On average, more than nine in 10 of the respondents from Indonesia, Malaysia, Singapore and Thailand go overseas on holiday at least once a year.

Yet, in the light of slow global economic growth and as their financial considerations grow more pronounced, well-heeled travellers are opting to holiday within the region. The survey found that more than six in 10 polled have chosen Asian destinations for their vacations. In fact, Asian countries, with the exception of Australia, have been the top five travel destinations in the past 12 months.

Francis Tan, UOB Economist, noted that Asian countries benefit from Southeast Asian travellers who are looking to keep within a travel budget as well as increased intra-regional air connectivity. “Given the weak regional currencies, Southeast Asians with a yen for travel could be choosing Asian destinations to maximise their purchasing power. This is aided by the increasing number of flights within the region, resulting in more competitively-priced flights to these destinations,” he said.

The survey also found that travel expenses are a top consideration for respondents when planning their next holiday destination. Jacquelyn Tan, Managing Director and Regional Head of Cards and Payments, UOB, said that to stay relevant in serving the affluent Southeast Asian population, businesses must provide cost-efficient products and solutions that suit travellers' needs today. “From credit cards such as the UOB PRVI Miles that help customers earn frequent flyer miles faster to travel deals, wealthy customers in the region want products and services that can meet their lifestyle needs and this includes their travel habits.

“To match the travel expectations of the affluent in Southeast Asia, we have embarked on regional partnerships with strategic travel-related brands to strengthen our offers to these customers. These partnerships continue to enhance our suite of offerings as we increase our market share in this segment,” said Ms Tan.

To meet its regional cards growth ambitions, UOB has partnered established names in the travel sector such as Singapore Airlines and Kaligo, a booking site, for the Bank’s first-ever region-wide travel campaign. The campaign aims to help customers stretch their vacation dollar. With Singapore Airlines, UOB cardmembers across the region stand a chance to receive up to 60,000 KrisFlyer miles** which can be redeemed for a round-trip ticket to London or Los Angeles by spending S$300 in a single receipt***.

UOB is also giving away a n equivalent of 10 million KrisFlyer miles in total until 31 January 2017 which can also be redeemed for SilkAir, Scoot and Tigerair flights. This means that customers will be able to derive more value out of their year-end shopping and travelling, which is traditionally when they spend the most****.

Earlier this year, UOB also introduced the UOB Privileges Passport, a regional rewards programme that offers cardmembers access to exclusive local benefits while travelling in Singapore, Indonesia, Malaysia and Thailand. For example, through partnerships with premier shopping malls such as Bangkok’s Siam Paragon, Siam Centre, The Emporium Thailand and EmQuartier, a Singapore cardmember can enjoy the same suite of benefits and rewards available to a Thai-issued UOB credit card.

Ms Tan added, “As Southeast Asia’s affluent continue to strike a balance between their wanderlust and their economic sensibilities, we anticipate that intra-regional travels will continue to grow among this segment. As such, we will continue to explore partnerships with relevant brands to ensure a robust suite of regional offerings that are relevant to our customers.”

*The UOB Affluent Consumer Survey 2016 polled 2,030 respondents aged 25 years and above with a minimum assets under management of S$150,000 from Indonesia, Malaysia, Singapore and Thailand. 

**Customers will be given the equivalent of KrisFlyer miles won in UNI$, a type of bonus point used for UOB credit cards.

***This is part of UOB’s first-ever regional year-end campaign. From November to January 2017, customers can win over 10 million Krisflyer miles that are up for grabs as well as more than 500,000 prizes, including flights to popular destinations like Bali and Tokyo.

****Source: UOB card data

Dubai's nol card to become even smarter

Source: RTA. The nol card.

The unified nol card used for different forms of transport, launched in September 2009, has handled 3.4 billion transactions to date, said HE Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of the Dubai Roads and Transport Authority (RTA).

Transactions include commuter entries and exits from metro & tram stations, buses, taxis, and marine transit; fare payments and card top-ups. Daily use of the nol cards has grown exponentially more recently, recording 2.4 million transactions per day. A total number of 48 million nol cards and tickets have been issued.

“RTA has recently signed a memorandum of understanding (MoU) with the Smart Dubai office endorsing the use of nol card as a means of a smart payment for micro payment processes in Dubai. It has also signed a MoU with the Dubai Municipality providing for the use of nol card in collecting the entry fee of four parks in Dubai, and the uses of nol cards are set to expand in future.

"In 2010, RTA, in collaboration with the Emirates NBD Bank, issued a combined credit card considered the first of its kind in the Middle East. The card has the dual features of a bank credit card as well as a nol card. Holders can use the card to perform payments as a credit card, smart contactless technology card, and a nol card for fares of various RTA’s public transit systems,” said Al Tayer.

The e-wallet feature of the nol card, which enables prepaid value for RTA services by electronic means, is also popular. There are 1,100 e-wallet accounts opened with RTA and amounts channelled through the e-purse have amounted to AED170 million, Al Tayer said.

“The e-wallet has a host of features such as the saving time, avoiding carrying cash amounts, secure online payment, easy checking of account details, and easy cancellation of payment. The e-wallet currently enables clients to pay licensing fees (relating to the licensing of vehicles and drivers), and efforts are underway to broaden the use of the e-wallet to cover payment for various RTA’s online individual and corporate services,” Al Tayer said.

The RTA announced in late September that it is gearing up for the launch of the final version of the Smart Fare project to the public in October 2016, having gone through the trial version September 2016. New services will be added to the Public Transport App, and the smart services on the app will be upgraded in line with RTA’s strategic goals on a Smart Dubai, and people's happiness.

The upgraded app uses near field connectivity (NFC) to support current services and to enable the launch of payment services through the app. Thanks to NFC technology, it will be possible to read and update nol cards directly through Android smartphones.

“The Smart Fare project uses NFC technology i.e. tapping nol cards on smartphones (Android devices) in which the Public Transport Smart App is uploaded. The customer would then be able to top-up (the) nol card instantly, and buy a bus & metro permit without visiting ticket counters or renewing such a permit,” said Khaled Al Awadi, Director of Automated Fare Collection, Technology Support Services Sector, RTA.

“Services will be paid for through entering details of customers' credit cards to the app in coordination with the Smart Dubai Government. The new services added to the app include credit transfers from one card to another, and enquiries about journeys made through the nol card.

“The service would contribute to eliminating any inconvenience related to the limited number of recharging machines.”

A third of consumers in Singapore have seen card fraud in the past five years: ACI Worldwide

Source: ACI Worldwide infographic. Nearly a third of consumers have experienced card fraud in the past five years.

Thirty-six percent of consumers in Singapore have experienced card fraud in the past five years, according to new global benchmark data* from ACI Worldwide and Aite Group. Singapore has the sixth highest rate of card fraud globally, and the third highest in Asia Pacific, according to new ACI Worldwide Global Consumer Fraud Survey.

ACI Worldwide powers electronic payments for more than 5,100 organisations around the world. Its global fraud study of more than 6,000 consumers across 20 countries revealed that, compared to ACI’s 2014 benchmark study, card fraud rates —unauthorised activity on three types of payment cards (debit, credit and prepaid)— has risen 8% in Singapore.

Fourteen out of the 17 countries surveyed both years reported an increase in card fraud between 2014 and 2016. Risky behaviours, such as leaving a smartphone unlocked when not in use, have a direct correlation to fraud—and the overall risk for fraud is rising due to the global increase in smartphone and tablet usage.

In the Asia-Pacific, Australia, India and Singapore experience the most card fraud:

· In 2016, Australia leads the way at 40%, followed by India at 37% and Singapore at 36%.

· Consumers in Thailand, India and Indonesia exhibit the riskiest behaviours among countries in the Asia-Pacific, compared to their counterparts in Australia, New Zealand and Singapore:

• Over a third (36%) in Thailand, 34% in India and 31% in Indonesia left smartphones unlocked when not in use.
• Four in 10 (43%) in Thailand, 30% in India and 29% in Indonesia banked or shopped online on computers without security software or on public computers.
• A quarter in Thailand, 20% in India and 19% in Indonesia responded to emails or calls asking for bank details.
• One in five (21%) in Indonesia and 19% in India and Thailand respectively kept a PIN with the card.

· The lower percentages of risky behaviour among consumers in Australia and New Zealand more closely resemble consumers in the Americas and EMEA.

“Card fraud rates are on the rise in the majority of countries included in the survey,” said Ben Knieff, Senior Research Analyst, Aite Group. “The data shows that consumer education and customer service remain a challenge for financial institutions globally, as risky behaviour has a direct correlation to experiencing fraud.”

With 2,260 confirmed data breaches in 2015 alone, security remains top-of-mind within the financial services industry and among consumers. Despite the adoption of fraud analytics solutions by financial institutions and merchants—along with EMV in most countries — card fraud rates are on the rise in many parts of the world.

“This study confirms that card fraud remains an issue of deep concern for consumers around the globe,” said Andreas Suma, VP and Global Lead, fraud and data, ACI Worldwide. “It’s no surprise that there is a direct correlation between fraud and lower consumer trust and card loyalty, including a primary contributor toward ‘back of wallet’ behavior. And as this data illustrates, it’s more critical than ever for financial institutions to implement and actively maintain effective fraud prevention solutions that address fraud, security and customer experience needs.”

“In the Asia-Pacific region, there is a clear correlation between risky behavior and fraud incidents,” said Giselle Lindley, Senior Fraud Consultant, ACI Worldwide. “This reveals an opportunity for consumer education focused on how consumer behavior affects the potential for fraud to occur. This will not only help reduce the incidents of fraud, but also empower consumers to gain confidence in their ability to protect themselves from fraud.”

Consumer trust is improving, but loyalty continues to lag

· Four in 10 consumers globally who received replacement cards as a result of a data breach or fraudulent activity use their replacement card less than they used their original card, resulting in lost interchange and interest revenue from decreased usage. This ‘back of wallet’ behaviour is especially prevalent in Asia-Pacific countries: 69% of consumers in Indonesia opt to use cash or an alternative payment method over credit or debit card following the card fraud incident

· Consumers in Singapore and Thailand (13% each) express the highest lack of confidence in financial institutions’ abilities to prevent fraud, compared to other Asia-Pacific countries.

· Consumers in the Asia-Pacific, especially those in Singapore, are most concerned about identify theft, data breaches resulting in compromised account numbers and online banking fraud.

· About half (48%) respectively in Thailand and India, and 44% in Indonesia switch financial institutions after a fraud experience. These high rates of customer attrition are costly to financial institutions

· Surprisingly, countries with higher fraud rates and lower levels of customer aftercare do not show high rates of moving cards to back of wallet. Seven in 10 (69%) in Indonesia, 58% in India and 56% in Thailand choose to use cash or alternative payment methods following card fraud only in some situations.

Interested?

A detailed analysis of the 2016 Global Consumer Fraud Report will be presented via webinar at 9am and 10pm July 27 Singapore time. Register for one of the webinars or to receive a complimentary copy of the two-part report.

*ACI Worldwide conducted online quantitative market research in Q216 and surveyed 6,159 consumers. The study was conducted in 20 countries in the following regions:

· The Americas (North and South America): Brazil, Canada, Mexico, and the US
· EMEA (Europe, the Middle East, and Africa): France, Germany, Italy, the Netherlands, South Africa, Sweden, the UAE, and the UK
· The Asia-Pacific: Australia, India, Indonesia, New Zealand, Thailand and Singapore.

UnionPay International launches cross-border marketing initiative, global promotions

Source: UnionPay International. Ge Huayong, Chairman of China UnionPay (sixth from the right), Cai Jianbo, CEO of UnionPay International (fifth from the right) and officials from the first partners jointly attended the ceremony.

UnionPay International and its partners Bank of China, China Merchants Bank, CYTS, Ctrip, Spring Airlines, SaSa Hong Kong, Prince Jewellery & Watch, LUKFOOK JEWELLERY, and ISA, have jointly announced 优计划 (Youjihua, literally 'a beneficial strategy' and a play on the 'you' in the Chinese name for UnionPay), the world's first open cross-border marketing platform developed by a bankcard scheme. More merchants are expected to join 优计划, providing cardholders with more diverse offers and better cross-border consumer experiences.

Announced in Shanghai, China, 优计划 enhances the ecosystem for card-based retail and marketing with integrated cross-border capabilities, and helps UnionPay International target its global marketing focus on airport duty-free shops, selected travel destinations and famous business districts more precisely while improving the cardholder experience.

China UnionPay Chairman, Ge Huayong said the launch of 优计划 embodies UnionPay's core value of “win-win cooperation and sharing growth” and noted that it also meets cardholders' demand for new payment options. "We will work together to develop a cross-border payment service ecosystem based on mobile Internet, and all partners will benefit from this new business model. 优计划 is also a successful UnionPay initiative in marketing and service. We welcome more commercial banks, travel agencies and merchants to join 优计划 to jointly enhance our cross-border payment services and to realise the common development of multiple industries," he said.

优计划 is a platform developed by UnionPay International and open to cross-border service providers in finance, travel and retail that uses mobile Internet and location-based technologies to offer accurate marketing and instant discounts. Cardholders can get exclusive QR code discount coupons by exploring the 优计划 logo (pictured left) in mobile apps from UnionPay International, BOC and China Merchants Bank. Alternatively, they can choose to receive discount coupons to be used in destinations promoted by the apps from UnionPay International’s partner travel agencies when they book airlines and hotels via the apps. They will receive reminders about the discount coupons on arrival at the destination or when nearing specific merchants. Cardholders can enjoy the highest discount available at the merchant upon presenting the QR code and paying with UnionPay card.

BOC Deputy Governor, Xu Luode said, "UnionPay International’s 优计划 has shown three main characteristics. First, it brings out the advantages of UnionPay’s integrated resources, establishing an open platform. Second, it leverages the mobile-Internet developing trend. Then, it lifts the consumer experience to a new level. BOC will continue cooperating with UnionPay International to jointly enhance the cross border payment experience."

CYTS President Zhang Lijun said, “优计划 is an important achievement of cross-border payment and the four-party model. It brings together the supplier, merchant as well as well the customer, and provides services which caters to customer needs based on the leadership of UnionPay International. 优计划 will enhance the customer experience greatly, and will surely gain acceptance from the public."

UnionPay International has also launched two global marketing programmes: 100 global airport duty-free shops and 50 selected travel destinations. Cardholders can enjoy up to 10% discounts at over 100 duty-free shops in about 90 airports globally. And from July 15 to October 15, up to 15% off is offered at over 300 merchants in 50 travel destinations, covering both traditional shopping and catering merchants as well as airlines and hotel bookings, transportation, and entertainment. Participating merchants for these programmes are expected to join 优计划 in due course.

UOB profiles the modern Singapore woman and tailors card privileges accordingly

United Overseas Bank has released Singapore’s first profiles for the contemporary Singapore woman based on their behaviour and spending patterns. The UOB Leading Ladies report* classes the women as digital natives, young professionals and cosmopolitan leaders.

Jacquelyn Tan, Managing Director and Regional Head of Cards and Payments, UOB, said that the report elaborates on the enterprising nature and consumption patterns of Singapore women today. “The average Singapore woman is highly educated and juggles work and family at the same time. From the baby-boomer senior executive in a multinational corporation to the Generation Z Internet entrepreneur, women in Singapore contribute more than 40% to Singapore’s GDP. Their energy and passion help feed their ambition. As the saying goes, ‘Women hold up half the sky’ and for Singapore women, I would add that the sky’s the limit," she said.

“UOB was the first bank to recognise the increasing earning power of women and issued Singapore ’s first card for women only – The UOB Lady’s Card - in 1989. Women are now spending 17% faster than men do on UOB cards**. By 2020, we believe that the amount women spend will contribute close to half of the bank’s total credit card billings.”

The bank believes in understanding what women want and helping them meet their priorities through life’s many stages, from their tertiary years, as they build their careers and through to retirement. Recent data shows that women in Singapore*** are generally spending more on their credit cards as their incomes increase and priorities change through different life stages. There has been a clear upward trend in credit card spend over the last couple of years by women aged 20 to 49 years old, with the biggest increase seen in younger age groups (20 to 29 years old and 30 to 39 years old) . Women in the 40 to 49 year old bracket charge the most to their credit cards.

The Bank has identified three archetypes for today’s Singapore woman:

Rachel, the digital native, is 18 to 25 years old. She spends S$400**** a month. Shopping, beauty and eating make up 55% of her total monthly spend Born in the age of the Internet, Rachel is technologically-savvy and typically an early adopter of new digital platforms and solutions, such as paying with her smartphone. Social media is integral for her to stay connected with friends and is a medium for self-expression.

Rachel is probably pursuing a tertiary education or is a fresh graduate who has just entered the workforce. As a consumer, she is as comfortable in brick-and-mortar stores as she is online, shopping at least twice a month at e-retailers. Rachel values off-the-beaten track travel and dining experiences. When travelling, she seeks to live as the locals do. She prefers short-term rental stays such as Airbnb to hotels.

Michelle, the young professional, 26 to 35 years old, spends S$1,000**** a month where shopping, beauty and dining make up 52% of her total monthly spend. Michelle is well-educated and career-focused. Having worked for a few years, she is likely to be financially independent and interested in long-term investments to build her retirement nest egg.

Michelle is often strapped for personal time and values spending her weekends with family and friends. When travelling, she is likely to indulge in the finer things in life, such as dining experiences and luxe fashion brands.

Christina, the cosmopolitan leader, is above 36 years old. She spends S$2,000**** per month of which shopping, medical services, beauty and fitness make up 64% of her total monthly spend. Established in her profession, Christina is a citizen of the world. Travelling often for work, she can find herself in two different cities in a week. As such, maintaining her health and fitness is of the utmost importance. When travelling for leisure, she prefers customised holiday experiences over typical agency tours. Financially-savvy and independent , Christina also maintains an investment portfolio.

To cater to the contemporary women of Singapore, UOB has enhanced and redesigned its suite of Lady’s Cards. The refreshed card face, by acclaimed designer Vivienne Tam, is the latest generation of UOB Lady’s cards and Singapore’s first and only designer credit card. It features a new, modern rose motif.

The card suite enhancement also includes a new UOB Lady’s debit card for digital natives. To complement their high energy and love of life, the range of benefits includes one-for-one dining offers.

For young professionals, the UOB Lady’s Card benefits are a step up from the UOB Lady’s debit card. Understanding that this segment has more financial responsibilities , the UOB Lady’s Card features the LuxePay Plan, a six or 12-month installment payment plan for luxury goods that does not charge interest or processing fees so that women can manage their expenses more easily, with a fixed monthly amount to pay for big-ticket purchases. Additional lifestyle benefits include free tickets to the Singapore Repertory Theatre and complimentary weekend parking at selected Orchard Road malls such as Paragon and 313@somerset.

For cosmopolitan leaders, UOB unlocks a world of travel privileges to suit their frequent-flyer lifestyles with the UOB Lady’s Solitaire card. Cardmembers can enjoy exclusive access to MasterCard’s World Concierge and Priceless travel experiences, Pan Pacific Hotels and Resorts DISCOVERY BLACK Membership and JetQuay’s Quayside services. For its top women spenders, UOB is also offering Asia’s first rose-gold metal cards to 1,000 UOB Lady’s Cardmembers who spend at least S$45,000 over three consecutive months. In addition to all existing Solitaire benefits, it also offers complimentary limousine airport transfers, airport lounge access and e-commerce protection. The metal card is moulded from Duralumin, a lightweight metal material used to build aircraft, and comes with a brushed rose-gold finish.

As e-commerce is a category where women are spending more, the bank is making it more convenient for them to shop online. All new UOB Lady’s cardmembers will enjoy instant signup for the UOB MasterP ass digital wallet, which makes online payment much easier.

Deborah Heng, Group Head and GM, MasterCard Singapore said, “Women in Singapore are becoming more affluent, with good education, better access to jobs and successful development in their careers. According to the MasterCard Index of Women’s Advancement 2016, women leadership in Singapore ranked the highest amongst Asia’s developed markets and Singapore has shown the most marked advancement in women’s leadership since 2010, in the Southeast Asia region. In recognition of the many roles that women play as drivers of economic growth, it is timely to offer an elevated card platform for women, extending the benefits that the UOB Lady’s Card programme provides.”

“We are excited to partner with UOB on the launch of the first MasterCard World Elite metal card in Singapore. The MasterCard World Elite programme, developed for the discerning cardholder, provides access to luxurious, preferential and personalised experiences, such as a personal travel advisor and private cruise and jet programmes. Cardholders will also enjoy the added convenience of a dedicated concierge service that offers 24x7 seamless support for whatever they may need, from locating a hidden celebrity hangout to arranging a private family tour of a world-famous toy store.”

*The UOB Leading Ladies report presents insights gleaned from UOB card data, proprietary research and industry data.

**Year-on-year comparison, 2014 compared with 2015. 

***RFi Group - Singapore Priority & Retail Banking Council. 

****Source: UOB card data .

DED, DIB launch credit card with consumer rights protection

Source: DED.

The Department of Economic Development (DED) in Dubai and Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, have launched of the Consumer Card in the UAE. DIB boasts today one of the largest retail bases in the UAE with over 1.5 million customers and 90 branches across the country.

The co-branded credit card is dedicated to protecting the rights of consumers and providing them with savings on their daily purchases. The card is an addition to the partnership initiatives being launched by DED along with the private sector and to the ongoing efforts to enhance the shopping experience in Dubai, and across the UAE.

Developed and designed in line with the spending habits and distinct needs of consumers in the UAE, the shari'ah-compliant card is issued in partnership with Visa and carries no hidden charges. It has two variants, the Rewards Consumer Card and the Platinum Consumer Card.

While enabling customers to make savings on everyday spends, the Consumer Card also carries a host of discounts at over 450 outlets across the country. It offers up to 4% cashback across a number of outlets including supermarket or hypermarket, for all automobile servicing, on Etisalat and Du bills, Salik and Nol recharges, fuel purchases, utility bills and cinema tickets. Card users will be able to receive up to AED1,000 cashback per month on their spends across the UAE.

The card was launched today at the Mall of the Emirates in the presence of His Excellency Sami Al Qamzi, Director General of DED, Dr. Adnan Chilwan, Group Chief Executive Officer at Dubai Islamic Bank, and in addition to senior managers from the organisations.

Mohammed Ali Rashed Lootah, Executive Director of the Commercial Compliance & Consumer Protection (CCCP) sector in DED, said the card highlights the effectiveness of public-private partnerships in bringing added value to businesses and consumers. "The Consumer Card is part of the initiatives of the Department of Economic Development to promote trust and partnership between retailers and consumers. Dubai is a global shopping and entertainment destination and we focus on making the shopping experience in the emirate as convenient and rewarding as possible," he said.

Sanjay Malhotra, Chief of Consumer Banking, at DIB said: "Domestic spending remains today the backbone of the UAE economy and we are keen to invest our expertise and resources in developing payment solutions that are favourable to spurring further growth. As one of the most innovative banks in the market today, we are pleased to offer our client base attractive payment solutions and savings on their daily purchases. Moving forward, we will continue to leverage our partnerships to present a unique banking experience while adhering to the highest standards of service excellence.
"While the market already offers benefits on credit cards, we have focused on areas where customers spend their money regularly thus maximising their gain. With this in mind, we have developed the Consumer Card as a low-cost, high-value proposition in order to appeal to a larger number of customers and allow them to enjoy unique benefits."

Ihab Ayoub, General Manager MENA at Visa, said: "The Consumer Card – a major step in this direction – will help in spreading further awareness about the benefits of electronic payments and the related cardholder rewards through a wide network of customers. Providing consumers with a safe and convenient way to pay is one of Visa's main priorities, and our participation in this initiative is aligned with our ongoing efforts to promote financial literacy on the ways to save, spend and budget responsibly.

"We are confident that through a partnership of public and private sectors, the Consumer Card initiative will support the UAE's efforts to be a leader in developing innovative payment technologies, and drive its transformation into a cashless society."

Ahmed Al Zaabi, Senior Manager - Consumer Awareness, at DED said: "The Commercial Compliance & Consumer Protection sector constantly seeks to strengthen the relationship between the merchant and the consumer, and improve awareness among consumers on their rights and responsibilities. We also focus on regulating the market and launch programmes that protect businesses. The Consumer Card is part of our efforts to raise the quality of services provided to customers and enhance their satisfaction and happiness. Our partnership with Dubai Islamic Bank and the advantages it brings to consumers and traders will strengthen economic activity in the UAE."

Interested?

Ask the DIB Call Centre about the Consumer Card at +971 4609 2222.

Figure out financial products with GoBear in Malaysia

GoBear has launched in Malaysia. The metasearch engine aims to help individuals make sense of financial products like travel insurance policies and credit cards with unbiased side-by-side comparisons. It currently lists over 1,000 financial products and will be adding more.

"GoBear originated from the idea that people today want easy access to service information, and that customers should be able to compare various financial products easily before making a decision. This is where GoBear steps in, to provide a new experience that makes searching for financial products quickly, easily and transparently," said Iskandar Ezzahuddin, Country Director Malaysia, GoBear.

"Today's insurance buyers are mobile-first, multi-screen and social media savvy. To reach them, insurance companies will need to employ an increasing emphasis on simplicity in search."

Andre Hesselink, Chief Executive Officer of GoBear explained, "GoBear is a global brand in the making and we are very focused on being local to serve customers in each of our key markets in the best way. Together with a team of Malaysian specialists, we continue to enhance the seamless user experience, with search, filter and insurance quotes."

GoBear Malaysia currently features travel insurance and credits cards. The site will be expanding into the car insurance and personal loan category in the third quarter of this year. GoBear has recorded a 50% month-on-month growth in usage with over 1.2 million users since it first established itself in Singapore and Thailand. The company plans to expand further into Southeast Asia this year.

Hashtag: #gobearMY 

UOB launches first millennial-focused credit card

The United Overseas Bank (UOB) Young Professionals Survey* has found that millennials’ wanderlust and desire to share culinary experiences with their friends and families are shaping their spending behaviour. UOB hopes to serve one in two millennials over the next three years as they will soon make up the largest demographic of consumers in Singapore. 

UOB defines millennials as individuals aged between 26 to 35 years old. According to the Singapore Department of Statistics, there were more than half a million millennials in Singapore** in 2015. Of these, about 90% have entered the workforce***, many as young professionals****. 

In 2015, UOB’s millennial customers were more willing to spend on dining out and entertainment than their older peers*****. They spent 13% more on food and travel****** as compared with customers above the age of 35. Jacquelyn Tan, Managing Director and Regional Head of Cards and Payments, UOB, said that within the next decade, millennials’ spending habits will form the backbone of the future economy as they will become the largest segment of the local workforce. 

“Millennial spending currently accounts for 20% of UOB’s total card spend and one in three millennials in Singapore currently banks with UOB. We expect the number of our millennial customers to increase as we introduce more products and services that meet their lifestyle and banking needs,” said Tan. 

According to UOB’s data, millennials, as digital natives who grew up on the Internet, spent 10% more online in 2015 compared with 2014. Travel accounted for the largest share of all online spend (35%). Top travel websites included Agoda, Tiger Airways, Scoot, Jetstar and Expedia. Based on data gleaned from the spending and lifestyle habits of millennials and a customer poll conducted in January this year of over 600 UOB cardmembers aged between 26 to 35 years old, the Bank is boosting its offering to this group of customers starting with the launch of a new credit card – UOB YOLO. 

The essence of the card is encapsulated in the millennial mantra You only live once. The new card gives millennials priority access to popular bars and clubs such as Kyo and Timbre, access to dining deals at the latest restaurants and rebates on popular travel websites such as Agoda and Expedia. The UOB YOLO also features Southeast Asia’s first ‘quick read’ card face, designed to make customers’ e-commerce experience more convenient. Instead of the 16-digit card number laid out in a horizontal line, the card numbers are laid out in a 4-by-4 stack on the top right hand corner of the card, making it easier for customers to read when conducting online transactions. 

As the long weekend draws to an end, it's time to start making plans for your next break. Our recommendation: the beautiful and remote Gili islands of Indonesia. Book your stay now at Ombak Sunset Hotel - where the iconic swing-in-the-sea is located - at agoda.com/uob and enjoy 7% off! Pic: @miannscanlan #travel #wanderlust #getaway #liveauthentic #travel #finditliveit #letsgosomewhere #lifeofadventure #passionpassport #welltravelled #uob #uobyolo #yolo #youonlyliveonce #igsg #instasg #swinginthesea #ombaksunset #agoda #giliislands #indonesia

A photo posted by UOB YOLO (@iwannayolo) on May 2, 2016 at 12:41am PDT

UOB YOLO customers who are adept in all things digital can also be among the first in Asia Pacific to make contactless payments with tokenised security. All they have to do is tap their Android smartphones at more than 10,000 near field communications (NFC)-enabled terminals in Singapore through the Bank’s mobile app UOB Mighty. The app further offers them access to exclusive local dining deals and authentic food reviews. 

“The UOB YOLO is part of the Bank’s larger strategy to serve young professionals’ financial needs in one of Asia’s most prosperous economies. It demonstrates our commitment to enhancing the banking experience for this group of customers. We are confident that UOB’s digitalisation journey will be relevant and will make banking and payments more convenient for our customers,” said Tan. 

Interested?

Millennials and the young-at-heart who would like a UOB YOLO can visit the microsite. 

*The customer survey polled 621 UOB card members aged between 26 to 35 years old. It was conducted by UOB in January 2016. 

**Age Pyramid of Resident Population, Singapore Department of Statistics 

***Labour force in Singapore 2015, Ministry of Manpower

****Includes professionals, managers, executives and technicians 

*****According to UOB’s data on 2015 credit card spend. 

******Travel constitutes air tickets, lodging and other travel services. 

ABK adds NFC capabilities to Visa premium credit and prepaid cards

Source: ABK. ABK adds NFC capabilities to Visa premium credit and prepaid cards.

Al Ahli Bank of Kuwait (ABK) recently announced the launch of the all new Tap 'n' Go service that is now available for Visa premium credit and prepaid cardholders. The new service uses Visa payWave, a contactless payment technology that enables cardholders to simply wave or tap their card on contactless payment terminals without the need to physically swipe or insert the card into a point-of-sale.

Tap 'n' Go uses near field communication (NFC) technology and allows customers to conduct low value transactions in a faster, more convenient and secure way at any terminal that accepts Visa payWave.

Stewart Lockie, GM - Retail Banking at ABK said: “The launch of the new Tap 'n' Go service is one step further towards applying the Bank’s Simpler Banking strategy, which has been a priority. ABK’s Emirates Visa Infinite, Signature and Gold Prepaid Travel cardholders can apply for a Visa payWave-enabled card at any of the bank's branches.”

“Visa is pleased with Al Ahli Bank of Kuwait’s decision to implement Visa’s payWave technology, which is in line with Visa’s objectives to provide easy, secure, and convenient payment solutions to our consumers in Kuwait. Delivering a seamless payment experience to our customers is a priority for us. Visa’s innovation leadership means extending the benefits of electronic payments to more people in more places where and when they want them — whether they choose traditional cards, Visa payWave-enabled cards or smartphones with Visa mobile payment functionality,” said Amit Vij, Kuwait Country Manager at Visa.

Visa payWave is accepted globally and is specifically of value when transacting in fast-paced locations like supermarkets, and public transport in cities in Europe and in Singapore. 

ADIB launches Spice credit card for NRIs, NRPs

Source: ADIB. The new Spice Card offers a range of cashbacks if the owner hits a minimum spend.

Abu Dhabi Islamic Bank (ADIB) has launched the Spice Card to complement its tailored product offerings to non resident Indians (NRIs) and non resident Pakistanis (NRPs) in the UAE.

The ADIB Spice Card offers NRI and NRP customers a chance to save more money with a range of competitive offers and discounts. This includes 9% cashback on all dining spends, 7% cashback on all supermarket spends, 4% cashback on fuel and 1% cashback on utility bills. The cashbacks apply on local as well as international spend, and customers also earn up to two reward points for every AED1 spent on other merchant categories.

Venkatesh Srikantan, Head of Retail - Expat Banking at ADIB, said, "While there are banking products in the UAE for Indians and Pakistanis to use in their home countries, there is a lack of products specifically tailored for them in the UAE. Our research shows that the spending habits and financial requirements of NRIs and NRPs centre on some common characteristics. As a customer-centric bank, it is of utmost importance for us to design value added products that suit their financial needs."

The Spice Card adds to ADIB's product offering for NRIs and NRPs. Last year, ADIB launched finance solutions for NRIs to buy properties in India and NRPs to purchase properties in Pakistan.

The Indian community in the UAE totals some 2.6 million people and constitutes 30% of the total population, making it the largest expatriate community in the country. Pakistanis form the second largest ethnic group in the UAE, with a population of over 1.2 million, constituting 12.5% of the country's total population.

A minimum monthly spend of AED3,000 is required on the Spice Card to qualify for the cashback offers with a maximum cashback cap of AED50 on utility payments, AED200 on restaurant bills, AED50 on fuel and AED100 on supermarket spending. ​