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DBS to launch Visa payWave metal card

DBS InsigniaDBS Bank is launching metal Visa payWave card as an update to its DBS Insignia Visa Infinite Card. 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. Visa country manager for Singapore and Brunei Ooi Huey Tyng said 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 DBS’s affluent cardholders are heavy contactless users, and we are seeing close to 90 per cent year on year growth on Visa payWave affluent users, he said. According to the bank, the affluent segment – those with a minimum annual income of S$150,000 – is growing at 25% year on year and more are embracing cashless payment methods, with 40% of all face-to-face transactions made in Singapore contactless. 55% of the affluent segment are active on Visa payWave, with 70% of them using multiple digital channels such as Apple, Samsung, and Android Pay, it said.

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