DCS Card Centre and VICOM Launch V2 Visa Card to Reward Singapore Mobility

DCS Card Centre and VICOM Ltd have launched the V2 Visa credit card to address the specific mobility costs of Singapore’s workforce. By targeting the intersection of public transit, private vehicle maintenance, and frequent cross-border travel to Malaysia, the partnership aims to capture high-frequency spending through a tiered cashback structure tailored for the region's evolving transport landscape.

What was announced

The V2 Visa credit card is a specialized financial product designed for the 7.19 million daily public transport users and the growing number of vehicle owners in Singapore. The card focuses on "mobility-as-a-service" spending, offering a structured cashback programme that rewards users for essential transit and vehicle-related costs.

Key financial incentives include a 15% cashback rate on VICOM vehicle inspections and ComfortDelGro Spark Car Care services. For daily movement, cardholders receive 5% cashback on fuel and EV charging across Singapore and Malaysia, as well as on public transport—including MRT, buses, taxis, and ride-hailing services. The card also covers 5% of parking fees via the Parking.sg app and 5% on dining in both Singapore and Malaysia. For all other expenditures in Malaysia, the card offers 2% cashback, with a base rate of 0.3% on all other spending.

To qualify for these enhanced rates, users must meet a minimum monthly spend of S$600, with total cashback capped at S$90 per month, potentially totaling S$1,080 annually. The product launch responds to a 37% surge in new vehicle registrations in 2024 and record-breaking cross-border activity, where daily crossings into Malaysia have exceeded 543,000. By integrating rewards for both public and private transport, the V2 Card seeks to serve a market where consumers increasingly blend different modes of travel.

"As more people combine public transport, private vehicles, and cross-border travel in their daily routines, there's a growing need for payment solutions that reflect this shift. The DCS V2 Card is our response to integrate and reward real-life mobility while creating value for each journey,"

Lionel Lee, Senior Managing Director, Consumer Cards at DCS Card Centre

The companies involved

DCS Card Centre, a subsidiary of DCS Group, operates as a transformative financial institution in Singapore. The firm has a long history in the region’s payments sector, having originally pioneered cashless transactions under the name Diners Club Singapore. Today, it has evolved beyond its legacy roots to provide modern credit and payment solutions within the city-state's competitive fintech ecosystem.

VICOM Ltd is Singapore’s leading provider of technical testing and inspection services. Listed on the Singapore Exchange, the company plays a critical role in the automotive sector, ensuring vehicle safety and compliance through its network of inspection centres. Its partnership in this card launch leverages its dominant position in vehicle maintenance and regulatory checks to offer direct consumer value.

Visa, the global payments technology company, provides the network infrastructure for the V2 card. As a major player in the Asia-Pacific region, Visa facilitates digital payments across millions of merchant locations. In Singapore, the company is led by Adeline Kim, who serves as Group Country Manager for Regional Southeast Asia and SVP, Global Clients & Acquirers, Asia Pacific.

What FF News has reported before

FF News has extensively tracked Visa’s efforts to integrate payment technology into specialized spend management and consumer apps. Recently, the network collaborated on several initiatives to streamline digital banking, such as when SpareBank 1 Enhances Digital Banking App with Snowdrop Solutions and Visa to improve transaction clarity.

In the business and SME sector, Visa has focused on reducing operational friction. This includes the launch of the Visa Payment Passkey with Checkout.com and partnerships with Vivid to launch a Spend Management Suite aimed at eliminating "zombie subscriptions" and a similar tool to Eliminate SME SaaS Waste. These moves highlight Visa's broader strategy of embedding its rails into niche financial management tools.

What this means

This partnership signals a shift toward hyper-localized, utility-driven credit products. By bundling vehicle inspections with public transit and cross-border rewards, DCS and VICOM are moving away from generic "lifestyle" cards toward a "mobility wallet" model. This puts pressure on traditional banks in Singapore that rely on broader, less targeted cashback categories. The focus on EV charging and cross-border Malaysia spend specifically addresses the unique geographical and regulatory pressures of the Singaporean market. However, the S$600 minimum spend requirement raises questions about whether this card will capture the lower-income commuter segment or remain a secondary tool for established vehicle owners.