What's the best way to make young people in Singapore sign up for a credit card that will make transactions frictionless and spend money that they don't already have?

That's right. Create a credit card, christen it YOLO and market it to the most financially ill-disciplined spendthrift young people demographic segment, of course.

YOLO, which stands for "You only live once", is the name of UOB's latest credit card offering.

They are planning on rolling it out for those aged 26 to 35, who outspent those older than them on food and travel by 13 per cent last year.

Labelling these customers as "millennials" — a nebulous term that is becoming increasingly meaningless in a world filled with adult-adolescents — this is a segment of the population the bank sees as dominating consumer spending in the near future.

UOB plans to unlock this group's spending power and whet their anti-austerity appetite by letting YOLO customers be among the first in the Asia Pacific to make contactless payments by tapping their Android smartphones at more than 10,000 compatible terminals in Singapore through the Bank's mobile app UOB Mighty.

Cardholders will also get priority access to places they can hardly afford, such as bars and clubs like Kyo and Timbre, eat food that cost beyond their means in participating establishments and receive badly-needed rebates on travel websites, such as Agoda and Expedia, so that they can see the world now but service their debts later on.

The YOLO credit card also features the 16-digit card number laid out in a 4-by-4 stack on the top right hand corner of the card, making it easier for customers to effortlessly read and key into websites demanding their money 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.

H/T Business Times

Top photo via UOB website

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