More using debit cards in Malaysia

Eddy said: This phenomenon has everything to do with the marketing efforts of banks. Standard Chartered, for instance, promotes their eSaver debit card by giving away
7% rebate on petrol charges and a higher than the norm deposit interest rate. See? Cash is king now.


KUALA LUMPUR:

MORE and more people are using debit cards in Malaysia to make payment, MasterCard vice president and senior country manager (Malaysia and Brunei) Jim Cheah revealed today.

“There is huge potential for the usage of debit cards in Malaysia.

Consumers are starting to use debit cards,” Cheah said at a media briefing on the MasterCard debit card here.

On the advantages, he said the debit card was more convenient and secure than carrying cash, offered better financial control to the cardholder and came with worldwide acceptance.

He also said that markets like Australia, the United States, Taiwan and parts of Europe, the debit transaction volume was higher that credit card transactions.

On the MasterCard debit card in Malaysia, Cheah said six local banks had already introduced the debit products in the Malaysian market, which could be used at automated teller machines (ATMs) for cash, transfer or account information.

The debit card is currently available at Affin Bank, Alliance Bank, EON Bank, Public Bank, RHB Bank and Standard Chartered Bank.

According to Cheah, MasterCard is in the forefront of innovation, creativity and cutting-edge technology, leading debit as the payment tool for the future.