SINGAPORE - YOLO (for "You only live once") is the name of UOB's latest credit card offering for a segment of the population it sees dominating consumer spending in the near future - millennials.

The bank said its millennial customers - meaning those aged 26-35 - outspent those older on food and travel by 13 per cent last year.

Ms Jacquelyn Tan, UOB's managing director and regional head of cards and payments, reckons that that within the next decade, millennials' spending habits "will form the backbone of the future economy as they will become the largest segment of the local workforce."

Hence the UOB YOLO card.

It will give its holders priority access to bars and clubs such as Kyo and Timbre, access to dining deals and rebates on travel websites such as Agoda and Expedia.

UOB YOLO customers can also be among the first in Asia Pacific to make contactless payments with tokenised security, said UOB. All they have to do is tap their Android smartphones at more than 10,000 compatible terminals in Singapore through the Bank's mobile app UOB Mighty. The app will also offer access to local dining deals and food reviews.

The card also features Southeast Asia's first 'quick read' card face. Instead of the 16-digit card number laid out in a horizontal line, the card numbers are laid out in a 4-by-4 stack on the top right hand corner of the card, making it easier for customers to read when conducting online transactions.

UOB said millennial spending currently accounts for 20 per cent of its total card spend and one in three millennials in Singapore currently bank with it.

"We expect the number of our millennial customers to increase as we introduce more products and services that meet their lifestyle and banking needs," said Ms Tan.