UOB is giving its YOLO credit card a refresh in a bid to cater to Generation Z (Gen Z)’s increased spending power and financial needs.
“With Gen Zs making up more than one million of Singapore’s population today and expected to form the bulk of Singapore’s workforce by 2030, we have revamped our flagship credit card to serve their unique lifestyle priorities and financial goals,” says Jacquelyn Tan, head of group personal financial services.
The revamp includes renaming the card to the UOB EVOL card, with accompanying changes in the card’s features.
To accommodate Gen Z’s propensity to shop online, the new EVOL card will offer 8% cashback for purchases made online or on mobile contactless platforms such as ApplePay or GooglePay. UOB will also offer 0.3% cashback on all other spendings.
However, in order to qualify for a cashback, UOB EVOL cardholders must spend a minimum of $600 a month on their card, with monthly cashback capped at $60.
UOB EVOL cardholders will also be able to track their expenses and cashback through UOB’s AI-driven Mighty Insights service. The service, integrated with the UOB Mighty app, will be able to provide users with insights to help them become more financially disciplined.
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In a push for sustainability, the new credit cards will be made from renewable sources that make it biodegradable in an industrial facility. “Compared with a traditional plastic credit card which is typically made up of Polyvinyl Chloride or PVC, every UOB EVOL Card cuts down the use of plastic by 82% and reduces our carbon footprint by 10 grams per card,” explains Tan.
Existing UOB YOLO cardmembers will automatically be entitled to the UOB EVOL Card benefits. The new card will also be rolled out progressively in Indonesia, Malaysia and Thailand.
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“The UOB EVOL Card has been redesigned for a generation who are sustainability-oriented and digital natives with a preference to shop online. Our ambition is to be the primary choice of card for Generation Z consumers and to bank one in two consumers in this segment within the next three years,” Tan says.
As at 4:19pm, shares in UOB are down 10 cents or 0.38% lower at $25.90.
Photo: UOB
