Thursday 28 Mar 2024
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KUALA LUMPUR (Feb 22): Malayan Banking Bhd (Maybank) foresees its number of debit transactions rising to 100 million, a 54% increase from 65 million last year.

According to Maybank's head of cards, group community financial services B Ravintharan, the group is targeting to see a billing increment of 57% to RM17.5 billion from RM11 billion in 2017.

He said Maybank had come out with a few programmes including the launch of today's ambassadorship initiative for its debit card to promote cashless payments among the public. This will in turn increase the debit transactions.

"Our debit card has evolved into eight different product variants with over nine million active debit card holders. Usage of our debit cards have similarly been expanding over the years, growing at an annual average of 22%," said Ravintharan in his keynote speech at the appointment of Malaysian celebrities Fatah Amin and Fazura as its official debit card brand ambassadors today.

He noted that for the past three months, Maybank had been seeing RM1 billion worth of billings monthly and is anticipating to see RM1.5 billion worth of billings monthly in the near future.

Ravintharan said about 62% of Maybank's debit billings now come from the young professional segment, representing people between the ages of 21 and 40.

Presently, Maybank is the leader in the debit cards business with a 37.4% market share in debit card billings. It also leads in merchant transaction volume, both debit and credit, with a 38.7% market share.

Additionally, Ravintharan said Maybank is looking to capture about 45% of market share for billings usage by the end of this year.

At 12.04 pm, shares in Maybank were down two sen or 0.2% to RM10.16 with 2.34 million shares traded for a market capitalisation of RM110.25 billion.

 

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