Maybank introduces its first combined Visa Debit and ATM card accepted internationally
Maybank, in partnership with Visa International today launched the Maybankard Visa Debit card, Maybank's first dual purpose Bankcard which offers domestic and international access to the cardholder's bank account.
The new Maybankard Visa Debit card extends the existing Maybankard debit card product by providing acceptance at any Visa merchant and Visa/PLUS ATM in 170 countries worldwide. The card can also be used for mail, online and telephone order purchases which will be available in the second phase within the year. According to Maybank, the Visa Debit card is also accepted at more than 4,000 Maybank self-service terminals, 3,800 MEPs ATMs and any Malaysian merchant outlets displaying the Bankcard logo.
"The introduction of Maybankard Visa Debit underscores Maybank's continued leadership in cards issuance. This new debit card is a first co-badge Visa and Bankcard for the card industry in Malaysia and sets a new milestone in the evolution of the ATM card from being a basic online transaction card to a smart card with the benefits of a credit card, in this case the Visa," said Datuk Amirsham A Aziz, President and CEO, Maybank.
Jessica Pang, Country Manager of Malaysia, Visa International said, "Through the Maybankard Visa Debit, Maybank customers can enjoy the convenience of using their own funds to pay for purchases wherever Visa is accepted. Cardholders can make purchases directly from their saving or current account whether they are in Malaysia or overseas offering significant advantages over the standard Bankcard."
The Maybankard Visa Debit includes an embedded EMV chip in the card which provides an added security layer for cardholders. Cardholders can also set their own ATM withdrawal limit or purchase amount of up to RM 5,000 a day through any Maybank ATM or branch office and customer service center.
"The introduction of this card also brings with it new rewards especially for ATM cardholders. For every RM3 spent, 1 Treatspoints is given which can be used to redeem cash vouchers from Maybank or a range of attractive gift items. The Treatspoints rewards is another first in Malaysia for debit cards which in the past been offered only to credit card spending," said Amirsham.
Amirsham also announced that the Maybankard Visa Debit is issued free to new conventional and Islamic savings or current account customers. However, those who prefer to retain their existing ATM cards can do so, but they will not be able to enjoy the full range of Visa privileges. "Customers with the old Maybank ATM cards can convert their cards to the Maybankard Visa Debit by paying a one time replacement card fee of RM12 only. The new debit card is valid for a 7-year period and is issued free upon renewal. There is also no charge for retail purchases."
Customers who wish to convert to the Maybankard Visa Debit, are required to bring their existing Bankcard or ATM card and identification card or passbook to any Maybank branch nationwide. All existing facilities in the current card will be transferred automatically onto their new Maybankard Visa Debit.
Amirsham also said that by introducing the Maybankard Visa Debit, Maybank is also supporting the government's initiative to promote greater cashless transaction, among others, use of the debit card. "In promoting cashless transactions using the debit card, Maybank continues to be the leader in offering the largest delivery channels and outlets for debit transactions. We are confident the new Maybankard Visa Debit will also spur the volume of cashless transactions by our cardholders."
"We have seen debit card spend amongst Maybank ATM cardholders grow at a robust pace, increasing 59% to RM321 million in the July-December 2007 period compared with the previous corresponding period. We expect the new card to contribute an additional 68% in debit card spend by the end of this financial year and are targeting to issue one million of this new debit card by the end of this year. Moving forward, we are already looking at offering its next generation use for e-commerce including mobile and online telemarketing transactions," added Amirsham.
Maybank has more than 5.8 million Maybankard Debit cards in circulation, of which more than 500,000 are used actively for debit payments at utility payment counters, food and beverage outlets, entertainment centres and retail outlets.
For more information on Maybankard Visa Debit, customers can visit any Maybank branch nationwide, call Maybank Group Call Centre at 1-300-88-6688 or logon to www.maybank2u.com