Maybank sees surge in debit card segment

Maybank expects its debit card segment to continue growing at over 100 % this year, making it the fastest growing card segment in its stable.

Maybank Deputy President & Head of Community Financial Services, Lim Hong Tat said Maybank is also expecting debit card spend to double this financial year compared to last year as it will continue to be boosted by promotions and rewards campaignsparticularly among the young, namely students and homemakers.

“Maybank has over 7.4 million debit cardholders of which more than 40% comprise the Maybankard Visa Debit which is the fastest growing debit card segment for the Bank as well as in the market today. Maybankard Visa Debit today has surpassed the 3 million mark within three years since we launched it in March 2008,” said Lim.

Peter Maher, Group Country Manager, Southeast Asia and Australasia, Visa said: “This rapid progress reflects the growing popularity of Visa Debit cards for Malaysians who enjoy the convenience and security of electronic payments while using their own money to shop at everyday merchants, as well as on the internet and while
travelling overseas. We expect that the Maybankcard Visa Debit card will continue to be popular with Malaysians in the years ahead. “

Maybank is the market leader in debit card issuance, card spend as well as merchants offering debit card payment facilities. It commands 75% of the total number of debit cards issued, 85% of total debit card spend in 2010. Maybankard Visa Debit can be accepted at over million merchants worldwide.