Maybank has joined forces with Limkokwing University of Creative Technology (LUCT) and MasterCard Worldwide to introduce Southeast Asia’s first ever MasterCard Prepaid University Smart Card for LUCT employees and students.
The MasterCard Prepaid Smartcard is a unique one card solution where it combines the staff or student’s ID with MasterCard’s EMV payment facility for retail and cash transactions. It is also a prepaid card with monetary value which can be pre-loaded by the cardholder for further usage.
An agreement for the introduction of this new card was signed in Kuala Lumpur today. Maybank was represented at the event by its Deputy President and Head, Community Financial Services, Lim Hong Tat while LUCT was represented by its Vice President, IT System & Integration, Dato’ Timothy Lim Kok Wing Jr.
Speaking at the event, Lim said that the launch of this new card was a milestone in the cards business not only for Malaysia but also for the South East Asian region. “This card represents a new era in tertiary student convenience as it is a multipurpose smart card that includes a host of features such as payment convenience, e-money feature, security access and attendance tracking,” he said.
“It features a prepaid MasterCard which can be used for purchases and payments on and off campus. Students can deposit or reload funds into the Card and spend up to the available limit to make payments for tuition fees and daily spending such as in the cafeteria or for photocopying, printing and other payments on Campus,” added Lim.
Lim also explained that cardholders do not need to own an account with Maybank as the value in the card can be easily reloaded online at www.maybank2u.com, via Maybank ATMs, cash deposit machines or branch counters as well as interbank giro. “The maximum reload limit that a cardholder can make is RM10,000 at any one time and cash can be withdrawn from the card via any Maybank ATM nationwide at no charge, with a valid pin which can be obtained from any Maybank branch after registration in LUCT,” he said. “Furthermore, spending can be conveniently tracked via E-statements which will be emailed to cardholders upon request.”
“Not only that, LUCT card holders can receive money via any participating MasterCard issuing banks in the world through the MasterCard MoneySend program. This is a remittance program where transfer of funds can be effected from one MasterCard card account to another MasterCard card account. It will be another useful tool as parents can remit money to their children regularly through this program,” said Lim. “Maybank is ready to receive funds as a receiving party via this MoneySend program, from MasterCard cards accounts overseas.”
Targeting to issue 10,000 cards within the next 12 months, Lim added that the new product will diversify Maybank’s offerings as well as further entrench its leadership in the cards market.
“Maybank is already a leader in the cards business both in terms of card issuance and merchant acquiring – offering a full range of credit, debit and charge cards,” he said. “Pre-paid card is a new segment we embarked on last month and which we now intend to tap into as a new growth area,” added Lim.
Meanwhile, MasterCard Worldwide Vice President & Senior Country Manager (Malaysia & Brunei), Jim Cheah commented, “MasterCard is pleased to be part of this very innovative program catering to the needs of the student population. This is an important step in moving towards electronification and the displacement of cash. The LUCT Maybank prepaid card is a safer, more convenient and better way to pay and card holders are also rewarded. MasterCard congratulates both Maybank and Lim Kok Wing University for this creative move.”
Apart from its payment convenience, the card offers security measures exclusively for users, removing the need for them to carry large amounts of cash. In addition, it can be used by the students and staff for campus access and payment at any Malaysian branch of LUCT. The card can also be used for any retail transaction in any part of the world without restriction as long as there is enough credit stored in it.
The new card also comes with the additional attraction of Maybank’s award-winning TreatsPoints loyalty programme whereby every RM 3 spent earns 1 TreatsPoints, which would never expire. Users can redeem their treats points via www.maybankard.net.my. The card is also eligible for all other Maybank merchant privileges.