- aided by launch of new Maybank Visa Platinum Debit Card
Maybank is expecting its debit card billings to rise by over 20% this year to RM7 billion, boosted by the introduction of its new Maybank Visa Platinum Debit card – the first Visa Debit Platinum card enabled with Visa payWave in Malaysia.
The new Visa Debit card features Visa payWave contactless technology together with Visa Platinum privileges. Visa payWave 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.”
Mr. Ravintharan added that Maybank is the market leader in debit, recorded 50 percent 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”
Mr. Ravintharan said that Maybank is constantly creating an awareness and education on ePayment to increase debit card usage.
“Every year we are enhancing our cardholder experience. Now, cardholders are able to activate their cards for overseas transactions and increase their daily purchase limit via Maybank2u.com.my. This allows customer to manage their debit card effectively online while on-the-go.”
Mr. Ng Kong Boon, Visa Country Manager, Malaysia 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.
In conjunction with the launch of the Maybank Visa Platinum Debit with Visa payWave, Maybank is holding a campaign to encourage usage of Visa payWave by rewarding cardholders with a 5% cash back for every Visa payWave transaction, as well as an opportunity to win daily prizes of RM200 for transactions above RM200 at participating Visa merchants. Entries for both are automatic and the campaign ends 30 September 2014.
Exclusive with the launch, The Valet Club Classic membership fee for 3 months will be waived, for the first 2,700 Maybank Visa Platinum Debit cardholders who apply for the membership after acquiring the debit card. Successful cardholders will start paying the special monthly fee of RM59.00 from the 4th month onward.