Members from Bank of China, Sheng Siong at the card launch
In an effort to support Singapore's cashless goal, local supermarket chain Sheng Siong and Bank of China (BOC) have jointly launched a co-branded Visa credit card.
Since the credit card supports Visa payWave's contactless payment technology, consumers will only need to tap the card on the point-of-sale machines at check-out counters to make payments.
Besides driving cashless transactions, the BOC Sheng Siong card will also "lower [the supermarket chain's] operational costs of cash management and increase business productivity with more efficient payment processes", said CEO of Sheng Siong, Lim Hock Chee.
The launch of the card is timely as statistics from Visa showed that Singaporeans are increasingly using Visa payWave. "Today, there are more than eight million Visa payWave transactions conducted in Singapore each month, and supermarkets account for more than 40 percent of domestic Visa payWave transactions," said Ooi Huey Tyng, Country Manager for Singapore and Brunei, Visa.
BOC Sheng Siong cardholders can enjoy 12 percent cash rebates on groceries across all Sheng Siong stores, as well as 5 percent cash rebates on Grab, Uber and all taxi rides in Singapore.
They will also have access to exclusive Visa privileges across 44 million merchants globally.