MALAYAN BANKING BHD (Maybank) is targeting about 60,000 subscribers for its newly launched Maybankard Visa Wave credit card by the end of next year.
Executive vice-president (head, cards business group) Ashraf Ali Abdul Kadir said unlike the conventional credit cards, the new card allowed contactless payments.
“It offers a speedier, simpler and safer way to pay – cardholders just wave and go,” he told reporters at the launch of the card yesterday.
In conjunction with the launch, a four-day Treats Fair will be held at the JB City Square shopping complex until Sunday.
Also present at the event were Visa International (Asia Pacific) Ltd country manager Malaysia, Jeffrey Perera and Maybank vice-president (head, marketing and business development cards business group) Johan Aris Ibrahim.
Ashraf said the bank's Visa Wave credit card was accepted at over 2,000 participating merchant outlets nationwide and 2,000 more would be added in the next 12 months.
“It can be used at convenience stores, fast food outlets, cinemas, supermarkets and by next year, at petrol stations,” he said.
Ashraf said the card was embedded with a contactless chip detected by a Wave card reader at the outlets and designed for transactions under RM110. For transactions above RM110, cardholders could use the contact payment method by inserting the card into the reader machine.
Ashraf said cardholders could accumulate point rewards from their purchases and redeem their gifts on the spot at the outlets.
Perera said two more banks would be launching their Visa Wave credit cards within the next six weeks, bringing the total number of bank members to five.
“There are 120,000 cardholders from the first two banks and with five banks, we target to register 600,000 cardholders by the end of 2006,” he said.
Perera said the RM110 limit would be reviewed from time to time as the number of cardholders and merchant outlets increased.
He said presently, there were seven million Visa credit and debit cardholders in Malaysia, who rang up RM20bil in transactions in 2004.