Corp News

Maybankard Visa Debit exceed 1M cards in issue

20 January 2009

4 min read

Maybank today announced that it has issued more than 1 million Maybankard Visa Debit ahead of its projected timeframe of a year at the date of launch last year.


The Maybankard Visa is Maybank's first dual purpose Bankard offering domestic and international access to the cardholders' bank account. The card is both an ATM card as well as a debit card providing customers even more convenience for payment thus expanding their choices for payment of goods and services. Bank statement or personal financial documents are not required to apply for the Maybankard Visa and is issued free of charge for first time application.


"The shorter than anticipated timeframe in achieving our 1 million Maybankard Visa Debit target reflects the brand strengths of Maybank and Visa in payment convenience as well as the appeal of the Maybankard Visa in providing customers an array of benefits and conveniences as well as global access to more than 29 million Visa merchants," said Tan Sri Mohamed Basir bin Ahmad, Chairman of Maybank in accepting a special certificate from VISA International at Menara Maybank honouring Maybank for its achievement in issuing its 1 millionth Maybankard Visa Debit.


Tan Sri Basir also said that the popularity of the Maybankard Visa Debit also reinforces the leadership of Maybank in debit payments in Malaysia, "Payments via Maybank debit cards comprise 78% of total debit card sales in the country.  Maybank debit card also achieved a total debit volume sales of RM1.2billion in 2008.Since the introduction of Maybankard Visa Debit, our total debit sales volume increased by 147% within 10 months of the launch.


"The increase in debit spend is encouraging and testifies to Maybank's commitment and efforts in supporting the government's initiative to promote greater cashless transactions and marks a shifting trend in payment behaviour," added Tan Sri.


Tan Sri also said that Maybank will continue to invest in technology and industry solutions to continue our leadership in payment and advance the electronic payments not only using cards but also our other payment channels such as the ATMs, phone banking, and mobile financial services.


Maybank is the largest card issuer and acquirer in Malaysia with a card base consisting of more than 7 million debit cards including the Visa debit cardmembers and over 1.6 million credit and charge cardmembers. It has over 58,000 merchants and expanding. Maybank is also the first bank to offer TreatsPoints on debit card spend. Customers also enjoy savings from special reward programmes and discount campaigns. Debit cardholders can now also view their transactions online via anytime anywhere.