Customers can redeem purchases made at a specific point in time if the computerised date and time stamp on their Visa charge slip matches the day's randomly selected 'magic minute'.
Visa is backing the programme, developed in conjunction with its ad agency BBDO, with a 'holistic' marketing and advertising approach that includes bus shelter, underpasses, outdoor and print.
Visa marketing director for Southeast Asia, John Steere, believes the 'Win what you buy' campaign, coupled with the high-impact creative and media placements, will generate "very high" cardholder recognition and awareness, and reinforce Visa's position as the preferred card.
He denied the campaign was an attempt to make up for a dip in spending last year, when Singapore was just recovering from Sars.
Steere said Visa recorded a healthy growth in spending during 2003, and a favourable first quarter in 2004. However, he would not comment on current levels of redemption in the programme, which runs until mid-August.
"We are expecting more redemptions to come in continuously and have also started verifying a number of winners and will be announcing these winners very soon," he said. "We will only know in a few months' time the increase on Visa card spending it is generating".