CARDS & PAYMENTS | Tony Chua, Malaysia

CIMB eyes issuing 1mn new Debit Mastercards

ABM expects debit card usage to grow by up to 70% this year.

CIMB Bank expects to issue one million new debit cards a year with the launch of its Debit MasterCard, which will offer more rewarding social lifestyle benefits.

CIMB Bank Head of Retail Services Peter England said the use of debit cards currently was relatively low in Malaysia compared to other countries.

"Currently, the debit card usage of the bank is only 0.5 per cent. We hope from the new issuance, the usage will be about between 15 and 20 per cent," he told reporters after the launch of the new debit cards here Tuesday.

He said the usage of debit card was expected to grow gradually, driven by the shift of consumers to debit cards from credit cards with more stringent rules by the central bank in issuing credit cards.

View the full story in Bernama.

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