e-Commerce set to drive future Debit growth
Maybankard Visa Debit has surpassed the two million card mark in just two years, following its launch in 2008. This milestone was achieved on the back of a 102% growth in debit card membership in the last year.
In celebrating this achievement today, Maybank also announced a new payment convenience for Maybankard Visa Debit cardholders which enables the card for e-Commerce or on-line shopping and payment.
With this new service, cardholders who wish to use their Maybankard Visa Debit for on-line shopping and payment are required to register the card with Maybankard Secure Online Shopping (MSOS) via Maybank2u.com. MSOS is an authentication protocol developed for safer transactions when using electronic payment cards such as Maybankard Visa Debit. The service utilises Verified by Visa, an on-line authentication platform which provides cardholders an additional layer of protection when they shop on-line. Registration for MSOS is free of charge.
Maybankard Visa Debit is Maybank’s first dual purpose Bankcard which offers domestic and international acceptance at millions of merchants worldwide who accept Visa cards. Within nine months of its launch in March 2008, it reached the one million card mark, reaffirming Maybank’s position at the forefront of debit card issuance and payment volume in Malaysia.
Lim Hong Tat, Head of Maybank Consumer Banking said, “When the Bank achieved one million Visa Debit cards in the market in less than one year, it was proof that we were providing our customers with an option that they wanted. Today, with more than two million Visa Debit cards issued, Maybank is the clear leader in debit cards in Malaysia. For Visa Debit alone, it commands over 82% in market shore of total billing volume for debit cards in Malaysia.”
“With this new e-Commerce service, we are targeting a further growth of 60 percent in the number of Maybankard Visa Debit cards for the year ending December 2011,” Lim said.
Stuart Tomlinson, Country Manager, Malaysia, Visa said, “We are very proud of Maybank’s achievement in issuing two million Maybankard Visa Debit cards. Focusing on e-Commerce to drive additional transactions as well as increase the number of Malaysians who are able to use their debit cards to make payments on-line is savvy, and we are excited to be their partner in reaching these business milestones.”
Lim also said that the phenomenal growth of the Maybankard Visa Debit was a result of the powerful value proposition it offers, namely a debit card with ATM access as well as payment card benefits and privileges using money in the cardholders’ own funds.
“Together with international acceptance, promotional campaigns as well as Maybank being the first bank to offer reward points earned for debit card payments, we have seen increasing popularity of debit cards over cash for shopping and payments since we first introduced Maybankcard Visa Debit in 2008.”
Lim said that the implementation of the Maybankard Visa Debit on-line shopping and payment ability follows the success of the pilot service launched late last year in which cardholders could use their Visa Debit cards for payment of airline bookings and retail purchases on-line.
“We are now expanding the debit card payment capability to include on-line travel, hotel and retail purchases and will progressively expand to other payment areas in the coming months,” he said.
Lim said the Bank’s debit cards billings totalled over RM250 million monthly with over 850,000 transactions monthly. “Presently on-line billings and transactions by debit cards make up only 0.3 percent of the Bank’s total credit and debit card on-line billings. We are targeting at least 10% growth in debit card billings this year compared to the last financial year as a result of the new e-Commerce initiative and on-going campaigns.”