Maybank expects 100m debit card transactions in 2018

KUALA LUMPUR: Malayan Banking Bhd (Maybank) expects its debit card transactions to increase to 100 million this year, with over RM17bil worth of transactions, 57% higher than the previous year.

Maybank head of cards, group community financial services B. Ravintharan said in 2017, the group saw a significant increase in the number of debit card transactions, with more than 65 million transactions worth over RM11bil.

He said the Maybank debit card had evolved into eight product variants, with over nine million active debit card holders.

“Our debit card usage have similarly been expanding over the years, growing at an annual average of 22%,” he told reporters following the appointment of newlywed celebrities Fattah Amin and Nur Fazura Sharifuddin as Maybank Debit Card 

Brand official ambassadors, here on Thursday.

Ravintharan said 62 per cent of Maybank ldebit billings now came from the young professional segment aged between 21 and 40 years.

Meanwhile, Maybank also launched a three-month debit card usage campaign for new and existing card holders to win a holiday package with the Debit Brand Ambassadors.

The campaign starts on THursday until May 15, 2018 with minimum spending of RM250 in a single receipt for five lucky couples.

Maybank is the leader in the debit card business with a 37.4% market share in debit card billings.

 It also leads in merchant transaction volume for both debit and credit with a 38.7% market share. - Bernama