Maybank eyes 60% debit card transactions growth

71% jump in debit billings over past 6 months encouraged lender to target $733mln transactions.

Malayan Banking Bhd (Maybank) has target to generate about RM2.5 billion ($733.13 million) or a 60 percent growth in electronic transactions via debit cards for financial year ending June 2010.

From July 2009 to January this year, the actual value of Maybank's electronic transactions stood at RM1.6 billion ($469.20 million), said its Executive Vice President, Head, Cards & Payment Consumer Banking, Ashraf Ali Kadir.

"It was driven by campaigns with partners to promote debit transactions as well as offers of rewards for payments via Maybank debit or credit cards," he told reporters at the bank's latest campaign with Gloria Jeans Coffee on Thursday.

According to Ashraf, Maybank's average monthly debit card spending is RM200 million ($58.73 million) and over the past six months, debit billings registered a 71 per cent growth compared to the previous period.

"Maybank's leadership in debit cards is reflected in our card base which represents 48 per cent of total issued in the country," he added.

View the full story in Bernama.