The partnership is UOB’s first initiative under its new unified digital platform, UOB TMRW.
UOB and payments platform Fave are bringing together their rewards and loyalty programmes in Singapore as the bank rolls out its «UOB Rewards+» initiative, which doubles the number of merchants under its rewards program to about 20,000 locations.
Under «Rewards+,» customers can get exclusive deals from merchants with their UNI$ or UOB$, and can also earn Fave Partner Cashback when they use UOB TMRW to pay at the stores, according to an announcement on Thursday.
UOB customers can also track through UOB TMRW the amount of credit card reward points they earn with every purchase.
Better Experience
UOB said scale, transparency and a personalized experience are key to changing the traditional rewards system for all consumers.
«The rewards redemption experience for customers today leaves much to be desired as it can be cumbersome. Consumers in Singapore want more clarity, such as the 87 per cent of respondents in our market research who want a breakdown of the rewards points they have accumulated,» Jacquelyn Tan, UOB head of group personal financial services, said.
