Usage of debit cards rising in Malaysia

 

THE usage of debit cards is increasing in Malaysia as it is cashless, efficient and convenient for making payment, according to MasterCard vice president and senior country manager (Malaysia and Brunei), Jim Cheah.

“There is huge potential for the usage of debit cards in Malaysia. Consumers are starting to use debit cards,” Cheah said at a media briefing on the MasterCard debit card yesterday.

He said the debit card is more convenient and secure than carrying cash, offers better financial control to the cardholder and comes with worldwide acceptance.

He also said that markets like Australia, the United States, Taiwan and parts of Europe, the debit transaction volume was higher that credit card transactions.

On the MasterCard debit card in Malaysia, Cheah said six local banks had already introduced the debit products in the Malaysian market, which could be used at automated teller machines (ATMs) for cash, transfer or account information.

The debit card is now available at Affin Bank, Alliance Bank, EON Bank, Public Bank, RHB Bank and Standard Chartered Bank. — Bernama