In yet another corporate attempt to capture the attention and loose cash of the millennial market, United Overseas Bank (UOB) has launched a new credit card that’s decidedly #hip and #fresh — the YOLO card.
Generation Y (those born roughly between 1981 to 2000, give or take) is the name of the game for UOB, who predict that they’ll be the ones dominating consumer spending the the near future.
“Millennial spending currently accounts for 20 per cent of UOB’s total card spend and one in three millennials in Singapore currently banks with UOB,” said the bank’s managing director and regional head of cards and payments Jacquelyn Tan.
“We expect the number of our millennial customers to increase as we introduce more products and services that meet their lifestyle and banking needs.”
Thus the need for UOB to launch a specialised credit card for the young ‘uns to satiate their need for wanderlust adventures, unorthodox destinations and alternative dining experiences.
So what’s the difference between their YOLO cards and milquetoast ones? Apparently, one way they’re attracting millennials is by arranging credit card numbers differently in four by four columns of digits. This ‘quick read’ card face (apparently the first in Southeast Asia is said to make the e-commerce experience more convenient.
Other exclusive deals and privileges include priority access to Kyo and Timbre, discounts when shopping from Naiise and Agoda, deals at Cathay and Loof, as well as other bargains in apparently millennial haunts and services.
Other special features include more high-tech capabilities including contactless payments with tokenised security and exclusive online content through their smartphone app.
“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,” enthused Tan. “We are confident that UOB’s digitalisation journey will be relevant and will make banking and payments more convenient for our customers”.
Here’s to an age of unchecked spending and mounting debt — you only live once anyway. More info on the UOB YOLO website.
