Maybank: Debit card billings to hit RM6b

KUALA LUMPUR: Malayan Banking Bhd (Maybank) expects its debit card billings to rise by at least 34 per cent this year to RM6 billion, contributed by new products, greater promotions and customer awareness.

The bank's newly-launched Maybankard Visa Superman Debit Card will help expand its debit card billings and strengthen its leadership position in the domestic debit- card market.

Deputy president and head of community financial services Datuk Lim Hong Tat said Maybank is currently the leader in the debit card business in Malaysia with over 8.6 million cards.

The bank has a market share of 53 per cent in debit billings.

"This is rising by over 200,000 cards per month. Billings through our debit cards have been growing at a robust average rate of over 30 per cent in the last few years. In 2012 alone, this stood at RM4.5 billion," he said in a statement.

Maybank is targeting to issue 150,000 Maybankard Visa Superman Debit Cards within two months of its launch.

Targeted mainly at fans of Superman as well as teenagers and young adults, the Maybankard Visa Superman Debit Card fits with their lifestyle and promotes good financial management practices. The card also facilitates payments online.

The new card was launched at Menara Maybank by Lim and Visa Malaysia country manager Stuart Tomlinson.

Speaking at the event, Lim said co-branded debit cards are increasingly becoming popular, especially with the younger market segment.

He added that when the bank launched its Manchester United Debit Card, more than 400,000 cards were issued within 11 months.

"Our aim in introducing such cards including the Superman Debit card is also to attract teenagers and young adults to consider debit cards as a mode of payment.

"There is an increasing push to promote cashless transactions in Malaysia and Maybank is using the strategy of co-brand cards to encourage the younger market segment to use this convenience," he said.