DBS launches metal Visa payWave card for the affluent

DBS Bank is launching the world's first metal Visa payWave card as an update to its DBS Insignia Visa Infinite Card.

It is the only metal card to have a Visa payWave function, said Ooi Huey Tyng, Visa country manager for Singapore and Brunei.

Members of the card - which is available only by invitation - must have an annual income of at least S$500,000.

There is also a yearly fee of S$3,000 for brandishing the DBS Insignia Visa Infinite Card.

Ms Ooi said at a press briefing on Thursday: "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, and we are seeing close to 90 per cent year on year growth on Visa payWave affluent users."

According to DBS, the affluent segment - those with a minimum annual income of S$150,000 - is growing at 25 per cent year on year and more are embracing cashless payment methods, with 40 per cent of all face-to-face transactions made in Singapore contactless.

It also said 55 per cent of the affluent segment are active on Visa payWave, with 70 per cent of them using multiple digital channels such as Apple, Samsung, and Android Pay.

Most of the expenditures made by the affluent using the cards are on travel services, such as flights and travel agencies, according to Visa.

For instance, 90 per cent of DBS rewards redemption by DBS Insignia cardmembers are for air miles.

The new DBS Insignia card offers 100,000 air miles for new cardmembers, and are accorded Priority Pass membership. Cardholders also earn two miles for every S$1 spent overseas, and 1.6 miles for every S$1 spent locally.

Cardholders will enjoy a complimentary two-night stay in hotels around the region, with further benefits at the Grand Hyatt Singapore such as dining membership and access to its spa and fitness centre.

Cardholders also have access to One Degree 15 Marina Club with a private yacht charter.

This article was first published on July 08, 2016.
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