Maybank to offer Maybankard Visa Superman debit card in Q1

Malayan Banking Bhd (Maybank) has teamed up with Warner Bros. to issue a new co-brand debit card featuring superhero "Superman", to further entrench its leadership in the debit card business and develop a new niche market segment.

Maybank said the new card, to be made available in the first quarter of this year, will see the two parties together with Visa International bring the Maybankard Visa Superman Debit card to the market.

"The card is especially aimed at wooing teenagers and young adults to consider debit as a mode of payment within the context of their lifestyle needs as well as adopting good financial management practices," it said in a statement today.

The card also offers special benefits and discounts for Warner Bros.' products, it added.

Maybank Deputy President and Head of Community Financial Services, Lim Hong Tat, sees the Maybankard Visa Superman Debit as another opportunity to cement the bank's lead in this segment.

"Last year alone, our debit card billings grew by over RM1 billion or some 30 per cent compared with 2011. With Maybankard Visa Superman Debit and our other upcoming promotions this year, we see spending via our debit cards growing by at least 33 per cent for 2013," he said.

He said only a limited number of this card would be made available in the market to maintain its exclusive value proposition.

"Our debit card business has been growing at a robust average rate of over 30 per cent in the last few years, with billings of RM4.5 billion achieved in 2012 alone.

"Although some may feel that this business does not offer significant growth opportunities given that customers tend to use these cards mainly for ATM withdrawals, Maybank's experience has shown that this is a segment with substantial possibilities," he said.

Lim said Maybank has a strong lead in the debit card industry with a 53 per cent market share in debit billings.

Its debit and ATM card base currently stood at over 8.5 million and is growing at an average of 200,000 cards issued per month.

"What is interesting is that over the years, as our ATM and debit card base has been growing, we have seen an even more accelerated acceptance of the card's debit facility among customers, instead of just using it purely as an ATM card.

"This indicates that debit card acceptance is on the rise and customers are well aware of the advantages of using the card for payment and purchases," he said.