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Maybank Debit Card spend to grow 80%

09 October 2009

5 min read

Maybank and MasterCard Worldwide launched the Maybankard MasterCard Platinum Debit card, the top-range debit card with unrivalled exclusive features offered only to the Bank's premier conventional and Islamic savings or current account holders. It is also the Bank's first debit card that sets a higher daily spending limit of up to RM10,000 and targeted at business entrepreneurs and professionals.


Maybank's President & CEO, Dato' Sri Abdul Wahid Omar jointly launched the MasterCard Platinum Debit card with Ajay Bhalla, Executive Vice President MasterCard South East South Asia and Jim Cheah, vice president & senior country manager MasterCard and Brunei at Menara Maybank today.


"This latest addition to the Maybank debit cards will help to boost our debit transactions growth by 80% at the end of December 2010. We are targeting to recruit half a million card members within two years," said Dato' Sri Abdul Wahid in his speech.


"This new card is the premier debit card and another industry milestone in the evolution of the bankcard in Malaysia. Our collaboration with MasterCard is especially attractive to cardholders as the card is accepted at over 29 million MasterCard merchants worldwide as well as ATMs that display the Cirrus logo. This makes it a truly global card," added Dato' Sri Abdul Wahid.


The MasterCard Platinum Debit is offered free to new Premier account holders. No financial documentation is required to apply. It also doubles as an ATM card to access over 4,500 Maybank self service terminals for cash withdrawal, banking and payment convenience as well as worldwide cash withdrawal access to over 1 million ATMs.


"For merchant acquisitions, we are still the largest merchant acquirer with over 60,000 merchants welcoming credit, debit and charge cards. For debit card billings, Maybank has a dominant market share of 80% of total billings in 2008. In the last financial year, our debit card billings registered a 100% growth over the previous year," said Dato' Sri Abdul Wahid.


The card offers a host of platinum privileges from Maybank as well as MasterCard. Cardholders are also offered Maybank TreatsPoints of 1 TreatsPoints for every RM3 spend.


Ajay Bhalla, Executive Vice President, Southeast and South Asia, MasterCard Worldwide said, "With the Maybankard MasterCard Platinum Debit card, , cardholders enjoy access to a range of exclusive privileges, including accommodation, spa, dining and other leisure and entertainment experiences from the MasterCard Premium Collection."


"We are pleased to partner Maybank in introducing the Maybankard MasterCard Platinum Debit card in Malaysia, reaffirming our shared commitment in providing premium consumers enhanced payment options," added Bhalla.


Maybank offers the most comprehensive range of debit cards from the domestic bankard to the international franchise debit cards as well as market leader in debit cards issuance, merchants and billings. Maybank commanded a market share of over 26% of the industry total of 24.4 million debit cardholders. (source from Bank Negara statistics, Dec 2008)


In conjunction with the launch, a six month Platinum Experience campaign which starts today till March 2010 offers a Grand Prize for two to London travelling business class inclusive of VIP transfers, a three-night stay and RM1,000 cash deposit into the MasterCard Platinum Debit account for spending. Every RM100 spend using MasterCard Platinum Debit will qualify for 1 automatic entry. There are also four other lucky prizes of RM1,000 cash credited into the MasterCard Platinum Debit accounts of the winners.