Peter England
KUALA LUMPUR: CIMB Bank expects to garner a market share of 10 per cent for its debit cards next year compared with its current market share of 5.7 per cent, says Retail Financial Services head Peter England.
CIMB Bank is the largest issuer of Debit Mastercard and has issued one million debit cards todate since it was introduced November last year.
For next year, it hopes to increase the number of debit cards in circulation by 4.3 per cent.
“With the tightening of credit policies and the move to promote a ‘cashless’ society, we are confident the shift to debit card usage will further push the growth of this business in the country.
“CIMB Bank will pursue to raise the utilisation of debit cards through campaigns to promote responsible spending,” said England at a prize presentation ceremony for winners of the ‘CIMB Loves New York’ Debit Card contest.
CIMB Bank is the commercial banking arm of CIMB Group and offers consumer and corporate banking services including credit cards.
To date, CIMB has 750,000 credit card holders. — Bernama