DBS Bank Taiwan has partnered with iPass Corp to launch its first co-branded credit card to gain access to stores that do not accept its credit cards.
Some Taiwanese stores and supermarkets only accept select credit cards such as stored-value cards like iPass card, as per government policies.
Dubbed DBS eco card, the new credit card is made out of polylactic acid — a biodegradable polymer produced from renewable resources.
The new offering is said to be the Singapore-based bank’s first co-branded credit card with iPass electronic payment function.
DBS Bank will now gain access to certain stores and supermarket chains in Taiwan such as Pxmart supermarkets.
In a news conference, DBS Bank Taiwan general manager Lim Him-chuan said: “The partnership brings convenience to users as they can use the cards at more stores, while we also benefit by gaining access to stores that do not accept our credit cards.”
The new card comes with cashback points of up to 3% on each transaction. Cardholders can either claim a cash rebate or redeem the points for products.
For domestic purchases, it offers a cashpoint reward rate of 1.5% and for international purchases, it offers 3%.
For ride-hailing services, the card offers a cashpoint reward rate of 5%.
DBS Bank Taiwan executive director of cards and unsecured loans Calvin Lin said that each credit card contributes TWD200 ($6.79) per month in profits to the bank.
On 1 July, the bank recorded 10 times more client registrations than the daily average for the new credit cards through its Triple Stimulus Vouchers programme.