Standard Chartered hails its 'Uber Moment'

Standard Chartered hails its 'Uber Moment'

Standard Chartered is driving its digital agenda into new territory, buddying up to Uber and offering customers up to 25% cashback on in-app credit card bookings with the taxi hailing service across six markets.

Beginning in Singapore, Malaysia, Vietnam and India, the offer - subject to a cashback cap of S$50 and a minimum of S$600 in eligible retail spends per calendar month - will ultimately be extended to Indonesia and the United Arab Emirates.

Andrew Chia, head of retail banking, Standard Chartered Bank Singapore, says: “Given the shift towards a cashless society in Singapore, there is strong demand for more accessible digital payment options. With this partnership, our cardholders are rewarded with convenience and cashback when they go cashless with Uber.”

VisaNet data reveals that in Singapore, in-app payments account for around one third of total card spend under the transportation category. The overall consumer spend in transportation witnessed a healthy growth of 35% year-on-year, driven primarily by a growth in spend for in-app merchants. On the average, third party transportation booking apps account for more than 1.5 million transactions every month.

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