Spending on Maybank debit cards has grown by more than 20% in the 12 months to November 2011, reflecting the growing acceptance of this payment mode in the country. The number of debit cardholders was also up by over 8% during the same period.
Maybank Executive Vice President & Head, Cards, Wealth and Payments, B Ravintharan, said the overall growth in debit card use, including overseas, reflect increased awareness in the security and convenience provided by debit cards. He added that more awareness programmes and promotional campaigns will be organised in future to further accelerate the projected growth.
From April - September last year, Maybank saw debit card spend growing by 24% compared to the same period in 2010, mainly owing to its successful “Debit & Drive Home a Volkswagen (VW) Polo” campaign. Two debit card customers, Mr Choo Ewe Jin and Mr Poo Chin Hui won a VW Polo each in the campaign.
(L-to-R) Mr Choo Ewe Jin and Mr Poo Chin Hui with their respective car.
Ravintharan said Maybank was expecting debit card spend to grow by 60% for 2012. Growth will continue to be boosted by new promotions to popularise debit cards use, as well as competitive rewards campaigns and continued awareness programs to educate the customers on debit.
Maybank is currently the market leader in debit cards with a customer base of close to 8 million including approximately 4 million Maybank Visa Debit cards holders who use the card for everyday spend including paying utility bills, entertainment and dining.
Apart from its use as an ATM card and payment tool, Maybank debit cards offer a practical financial tool as customers can track their itemised debit card spending via maybank2u.com. Debit cardholders can only spend what they have in their account thereby protecting them from spending beyond their means.