Debit card usage still low in Malaysia

Bank Negara Malaysia’s Financial Stability and Payment Systems Report for 2011 revealed that the debit card usage in the country is less than 10% (of card spend) while debit and credit cards together accounted for 342.1 million transactions worth RM95.1 billion last year.

CIMB Bank head of retail banking Peter England told the reporters that the usage of debit card in Malaysia is relatively low if compared with Australia (60%) at the prize-giving ceremony of “CIMB Loves New York” contest in Kuala Lumpur.

by Terry Brown