Maybank eyes RM2bil growth in card billings market share

PETALING JAYA: Malayan Banking Bhd (Maybank) is aiming for a percentage point growth, equivalent to RM2bil, in its billings market share to 30% for both its debit and credit cards in the next six months.

Maybank head (cards, group community financial services) B. Ravintharan said the target was achievable as people’s spending and travelling were expected to escalate towards the end of the year.

“I foresee our card billings market share which currently stands at 29% with a value close to RM50bil, can improve by another percentage point to 30% by the next six months. People are spending and travelling more around year-end.

“The industry’s billings market share is around RM180bil so an increment of 1% is equivalent to about RM2bil,” he told Bernama after launching a co-brand partnership with FC Barcelona in Kuala Lumpur yesterday.

Maybank is currently the leader in the cards business in Malaysia with over 11 million debit cards and two million credit cards in circulation. The bank commands over 20.5% share of the credit and charge card market in the country.

Ravintharan said the bank saw a growth of over 20% for debit cards and growth of slightly less than 10% for credit cards last year.

He said the debit card segment was expected to continue its double-digit growth next year while growth for credit card could be between 10% and 12%.

“Our target is more on increasing the billings. We want to engage with the customers and we want the customers (cards) to be active.

“It’s not about the number of cards, but it’s more about getting the customers to use the card, responsibly, so there will be less cash transactions at point of sales,” he said. — Bernama