United Overseas Bank has launched its UOB one card, representing Singapore's first contactless credit card, incorporated with Visa payWave and a cash rewards platform, allowing cardholders to enjoy more than SGD300 in cash rebates every year on all purchases, without having to track or redeem points.

United Overseas Bank (UOB) is the first bank in Singapore to adopt Visa payWave, which allows cardholders to purchase small value goods of up to SGD100 by simply waving their card in front of a Visa payWave reader, eliminating the need to sign or hand their card to the cashier.

At present, more than 300 retail outlets in Singapore accept Visa payWave transactions. Cardholders can still make regular contact transactions at retail outlets that do not accept contactless payment, or for purchases that exceed SGD100.

UOB one cardholders will be rewarded with cash rebates of SGD80 per quarter with a minimum spend of SGD800 per month, or SGD30 per quarter with a minimum spend of SGD300 per month. Cash rebates will be automatically credited to their statements during the month following each qualifying quarter, to offset outstanding bills.

In addition, cardholders will enjoy exclusive dining, entertainment and movie privileges, while other benefits include an annual fee waiver when cardholders make at least three transactions on the card each month.

UOB plans to add over 200 more retail outlets to the program over the next few months.