Maybank targets 100m debit card transactions in 2018

Maybank is leader in the debit card business with a 37.4 per cent market share. — File picMaybank is leader in the debit card business with a 37.4 per cent . — File pic, Feb 22 — Malayan Bhd (Maybank) aims to increase its debit card transactions to 100 million from 65 million last year.

Maybank’s head of Community Financial Services (CFS) B. Ravintharan said that last year the group saw a significant increase in the number of debit card transactions worth over RM11 billion.

“This year, we are expecting the number to increase to RM17 billion, or 57 per cent higher than the preceding year,” he said during the appointment of two top Malaysian celebrities Fatah Amin and Fazura as the official debit card brand ambassadors today.

Ravintharan said the one year collaboration with the celebrity couple is aimed at further promoting the use of the cashless transactions among the public, in particular young Maybank debit card holders, namely the Gen-Y segment.

“Some 62 per cent of our debit billing now come from the young professional segment. They represent people between the ages of 21 and 40 years old,” he said.

He said Maybank’s debit card has evolved into eight different products variants with over nine million active debit card holders and usage has expanded over the years, growing at annual average of 22 per cent.

For the past three months, he said Maybank has been seeing RM1 billion worth of billings monthly, and is anticipating to see a RM1.5 billion in the near future.

Currently, the bank is leader in the debit card business with a 37.4 per cent market share. It also leads in merchant transaction volume (both debit and credit) with 38.7 per cent market share.

By the end of this year, Ravintharan said the bank is looking to capture about 45 per cent of market share for billings usage.

Source: The Malay Mail Online

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