Maybank sees increasing debit card billings

Maybank expects debit card billings to rise by at least 34 per cent this year to RM6 billion, spurred by new products such as the Maybankard Visa Superman Debit and increasing promotions and customer awareness.

In a statement today, deputy president and head of community financial services, Datuk Lim Hong Tat, said the bank was a clear leader in the debit card business in Malaysia with over 8.6 million debit cards today.

"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.

Lim said debit payments not only offered convenience to cardholders but also merchants, giving them cost savings, improved efficiency and better security by reducing cash handling.

He said the bank aimed to issue 150,000 Maybankard Visa Superman Debit cards within two months to consolidate its leadership in the domestic debit card market.

"The card is targeted mainly at fans of Superman as well as teenagers and young adults.

"It facilitates payments online, which is an important option for the targeted market segment given its increasing practice of making purchases via Internet, as well as others numerous benefits and discounts," he said.

Meanwhile, Visa Malaysia country manager, Stuart Tomlinson, said the company saw strong debit card growth in Malaysia as more banks promoted the advantages of cards and the benefits they offered.

"Debit cards are now the immediate choice for many card users and consumers are now comfortable using debit for all payments.

"We are seeing untapped segments such as students and young adults switch off to cash and onto electronic payments thanks to convenience, security, reward points, discounts and other privileges," he said.-- Bernama