Maybank expects 2014 debit billings to rise to RM7 billion

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(From left) Maybank head of Cards and Unsecured Lending Victor Kaw, Ravintharan and Ng Kong Boon pose for a photo the launch of Maybank Visa Platinum Debit Card.

KUCHING: Malayan Banking Bhd (Maybank) expects its debit card billings to rise by over 20 per cent this year to RM7 billion, boosted by the introduction of its new Maybank Visa Platinum Debit card which is the first Visa Debit Platinum card enabled with Visa payWave in Malaysia.

The new Visa Debit card features Visa payWave contactless technology which allows cardholders to make purchases by simply waving their Visa payWave enabled card in-front of a Visa payWave reader. At the same time, Visa Debit cardholders can now enjoy a higher purchase limit of RM10,000 compared to the usual Visa Debit card limit of RM5,000.

Maybank’s head of Regional Cards and Wealth, B Ravintharan said that the new card aims to tap into the growing acceptance by Maybank cardholders in performing debit transactions.

“We have been seeing significant increases in the number of debit transactions.

“In 2013, Maybank recorded more than 25 million debit transactions worth over RM5.7 billion and we are expecting this to be further boosted with the new Maybank Visa Platinum Debit card with payWave.”

Ravintharan added that Maybank is the market leader in debit, recorded 50 per cent of the total debit billings in Malaysia, as a result of Maybank’s wide range of debit cards that offer different value propositions to meet various cardholders’ needs and lifestyles. Maybank also offers the Visa Manchester United Debit card and the Visa Superman Debit card to cater to different cardholder segments.

“We have just surpassed the six million Visa Debit card mark in just six years, following the first Visa Debit card launched in 2008. Clearly, there is greater awareness of cashless payments by consumers and merchants in Malaysia, particularly with the benefits offered by the debit card, such as the Treats Point program, usage campaigns, ability to monitor transactions online via Maybank2U, e-commerce usage, auto paybills for convenience, and shopping at millions of Visa accepted outlets worldwide.”

Meanwhile, Visa country manager for Malaysia, Ng Kong Boon commented, “Visa is proud to work with Maybank to drive innovations in payment technology in the country, in line with the Malaysian government’s e-payment vision as laid out in its Economic Transformation Programme.

“Visa Debit cardholders will now be able to enjoy even more convenience as Visa payWave contactless technology makes everyday transactions faster and easier for consumers.

“Globally, Visa continues to see momentum in the adoption of Visa payWave contactless technology, which provides speed and convenience to merchants and Visa cardholders as well as the security benefits of chip technology,” added Mr. Ng.

Visa payWave-enabled cards are now accepted at the following merchants: AEON Stores, AEON Big, KLIA Express, Sogo, TGV
Cinemas and Coffee Bean & Tea Leaf.