Maybank targets to grow debit card spend by 100% this financial year compared to the previous corresponding period. This growth will be boosted by promotions to popularise debit cards use, rewards campaigns as well as expanding the number of merchants offering debit cards payments.
The latest “Debit & Drive Home A Volkswagen Polo” campaign aims to help customers manage their spending while rewarding them with two Grand Prizes of a Volkswagen Polo car each as well as one daily cash prize of RM500 for the highest number of transactions for the day. The launch of the campaign was held in conjunction with Permodalan Nasional Berhad’s Minggu Saham Amanah Malaysia 2011 (MSAM) held in Ipoh today.
This campaign further promotes the use of cashless transactions via debit cards as well as reinforces the Bank’s leadership in this sector. Presently Maybank commands over 75% of Visa debit card share and over 85% of billings. The Bank’s last debit card campaign with Caltex saw an 80% rise in Visa debit transactions over four months compared to the previous period. In this ‘Drive’ campaign, Maybank aims to see an incremental lift of more than 60% in monthly Maybankard Visa debit transaction volume, compared with the previous corresponding period. This growth reflects the increasing popularity of the use of debit cards for shopping and as a mode of payment.
Maybank also aims to increase the number of merchants offering debit cards. At present, Maybank has the largest number of debit cards merchants, totaling over 60,000, accepting Visa, MasterCard and Bankard debit cards and is targeting this to grow over 10% this year.
The latest promotion increases the value proposition of debit cards to those who do not qualify for credit cards or who prefer to use debit cards that can reflect their lifestyle. The rewards will appeal to those who want their debit cards to have similar privileges as credit cards. The promotion has also been expanded to cardholders who spend globally to help them realise the benefit of opting for cashless transactions over the use of cash even when overseas.
Under this campaign, Maybank Visa Debit or MasterCard Debit cardholders who spend a minimum RM20 at any merchant will qualify for an automatic entry. The campaign is divided into two phases, Phase 1 from April to end June and Phase 2 from July to end September where a Grand prize of the car is rewarded at the end of each phase. The campaign offers a total prize value of over RM300,000.
Maybank debit cards also offer a practical financial solution tool because customers can track their itemized debit card spending via maybank2u.com. Debit cardholders can only spend what they have in their account thereby protecting them spending beyond their means.
At MSAM 2011, Maybank together with Etiqa and Maybank Investment Bank will offer free advisory services on financial planning, savings and investments to assist visitors plan for a better future for themselves and their families.