DBS Launches Virtual Credit Card For Cyber Shopping

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DBS E-Shopping Mastercard Card free for all DBS credit cardholders

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Latest E-Initiative Gives Greater Ease of Mind When Purchasing Over The Net

SINGAPORE, JUNE 27 - DBS Bank announced today a new way for its credit cardholders to make payments for purchase over the Internet - the DBS e-shopping MasterCard card. This is the first Virtual Card programme in both Singapore and Southeast Asia (similar programmes are already underway in Hong Kong and Taiwan).

The product, which functions like a normal credit card, is restricted for Internet shopping, mail order, and telephone orders only. Customers will have the option of creating their own credit lines (up to S$1,500) and their own maximum transaction amounts.

"We know there are still a substantial number of cardholders who are reluctant to use their regular credit card details for electronic commerce," explains Mr Eric Saw, Managing Director, DBS Cards, DBS Bank. "This product has been created with their need in mind, and to give them greater peace of mind when purchasing goods or services over the Internet."

The DBS e-shopping MasterCard account will be offered free to all existing DBS cardholders and will be available from August. Cardholders can apply for the card and obtain in-principle approval online. In addition, cardholders are assured of zero liability for fraudulent transactions occurred through their virtual account and enjoy account replacement within 24 hours. All expenditures using the DBS e-shopping MasterCard card will earn Perk$ (the credit card rewards program) as well as virtual loyalty points.

"This pioneering virtual card programme is also being launched in support of the Ministry of Finance's initiative for all ministries and statutory boards to accept e-commerce payments in the second half this year, " adds Mr Saw. DBS Bank's credit card operation is working closely with the Ministry of Finance to develop the payments acceptance network for e-payments.

The DBS e-shopping MasterCard will give consumers greater ease of mind when purchasing over the Internet, since the virtual card accounts will have a maximum credit limit of S$1,500 (UD$1,000). "With this low credit limit, which is separate from their regular credit limits, cardholders are given enhanced protection against fraudulent use of their account numbers in the Internet environment," explains Mr Saw. " We know from various industry studies that, while credit cards are the safest method for making payments for Internet purchases, some customers still have concerns about using their cards. This virtual card programme alleviates those concerns."

"The DBS e-shopping MasterCard is the latest e-initiative from MasterCard in the Asia/Pacific region," notes Ms Madeleine Long, MasterCard country manager for Singapore. "Today, consumers expect to conduct online transactions within the framework of a secure systems environment. MasterCard is leading the way in the development of technologies and standards that are forming the backbone of secure and convenient electronic transactions. To date, all six other virtual card programmes in Asia/Pacific are MasterCard programmes. We are starting to own the virtual world in this region, similar to the way we own the debit card world in Asia/Pacific."

The DBS e-shopping MasterCard account is linked to a cardholder's normal credit card account. The cardholder designates a portion of his/her existing credit line to the DBS e-shopping MasterCard account. All expenditure on the DBS e-shopping MasterCard account will be included in the regular monthly billing cycle. Depending upon the date of the transaction, cardholders will enjoy up to 55 days of interest-free credit. All other standard features and benefits of the regular, or "real world" DBS credit card products, for example, Travel Insurance and purchase protection, will also be applied to the DBS e-shopping MasterCard accounts.

In order to obtain a DBS e-shopping MasterCard account, a customer must have a credit card account with DBS Bank. As the virtual cards are linked to an approved credit line, consumers who want a DBS e-shopping MasterCard must apply for a DBS credit card product (unless they already have such product).

The DBS Virtual MasterCard is the latest in a long list of innovative card payments products launched by DBS Bank in recent years, including the DBS MoneySmart MasterCard card introduced in February this year, the DBS Platinum, and the DBS Purchasing cards.

About DBS Bank
DBS Bank is one of the leading credit card issuers in Singapore with more than 120 affinity, private label club membership and other cards. DBS Bank has always been in the forefront of credit card technology being the first to introduce innovative and creative products in the market including smart card technology and more recently, the corporate purchasing card and the DBS MoneySmart MasterCard card.

About MasterCard International
MasterCard International has the most comprehensive portfolio of payment brands in the world. More than 1 billion MasterCard, Maestro, Cirrus logos are present on credit, charge and debit cards in circulation today. An association comprised of 22,000 financial institutions, MasterCard serves consumers and businesses, both large and small, in 210 countries and territories. MasterCard is a leader in quality and innovation, offering a wide range of payment solutions in the virtual and traditional worlds. With more than 10 million acceptance locations, no card is accepted in more places and by more merchants than the MasterCard card. In 1999, gross dollar volume exceeded US$727 billion. MasterCard can be reached through its World Wide Web site at www.mastercard.com.