Introduction of prepaid cards would enhance the use of e-payment in the country
CYBERJAYA: Malayan Banking Berhad (Maybank) has tied up with Limkokwing University of Creative Technology (LUCT) to launch its MasterCard Prepaid University Smart Card, the first university-based prepaid cards and expected an issuance of 10,000 cards to young users.
Maybank deputy president and head, community financial services Lim Hong Tat said that the introduction of prepaid card service helps inculcate good financial habits among young users towards the usage of debit and credit cards and it is in line with Bank Negara direction towards a cashless society.
Maybank also expected an issuance of 20,000 Maybankard Manchester United prepaid card which was launched in July 2012. “We are confident to issue total of 30,000 prepaid cards by end of this and Maybank is still dominating the prepaid card field in the country,” Lim said.
Currently, Maybank has a circulation 4.5 million debit cards which translates to more than 50 per cent of the market share in the segment and the card segment contributes 5 per cent to the group’s earning, Lim added.