Malaysia Debit Card, Consumer Base Expanding

The Malaysia debit card is quite new.  In fact, it has only been within the past two years that banks in this part of the world have begun to offer consumers a debit card.  While there is still a tremendous amount of work that needs to be done in moving Malaysia and debit card use forward it is still exciting to know that changes are being made.  Today, several banks are now offering a Malaysia debit card to include EON Bank, Public Bank, Affin Bank, Standard Chartered, and RHB Bank.[br]

The Malaysia debit card is quite new.  In fact, it has only been within the past two years that banks in this part of the world have begun to offer consumers a debit card.  While there is still a tremendous amount of work that needs to be done in moving Malaysia and debit card use forward it is still exciting to know that changes are being made.  Today, several banks are now offering a Malaysia debit card to include EON Bank, Public Bank, Affin Bank, Standard Chartered, and RHB Bank.[br]

Two of the newest types of Malaysia debit card include the “My Cash-i debit MasterCard” and “RHB Cash-Connect debit card.”  Again, while just five banks are now offering debit cards, the goal and anticipation is that over time, the number will increase.  One positive sign of what is yet to come is that within this country, approximately 15 million people currently have ATM cards and some five million, credit cards.  These cards are backed by MasterCard, which believes that in a short amount of time, 10 million people will proudly use a Malaysia debit card.

Another exciting aspect of the Malaysia debit card by MasterCard is that this card is the only one in the world using the multi-application EMV combi mc2 technology.  In addition, this type of debit card has designs specifically for consumers, as well as the Islamic population.  When RHB first started issuing debit cards in Malaysia, 200,000 cards were provided to existing customers of the bank, along with new customer just in the first year.  This number was monitored carefully to determine how well the Malaysia debit card from RHB would be received so the bank would know whether more should be issued.

Although the country of Malaysia has made incredible steps forward since 2008, the process of establishing this type of card throughout the region is still in the very early stages.  It will take years for the larger cities of Malaysia to start using debit cards and probably decades to reach out to the smaller villages, although they are not the primary focus simple because of literacy and poverty levels.[br]

For the people who received a Malaysia debit card from RHB are quickly discovering the convenience and effectiveness it offers.  Not only can these people make purchases and make payments within Malaysia, but those in the business sector and internet connection can buy things from all over the globe.  That coupled with the opportunity to withdraw money at an ATM, make deposits, transfer money, and check balances, the people of Malaysia are impressed.

One note is that the five banks mentioned above are the only ones that offer a legitimate Malaysia debit card.  One card has been marketed called the Maybank New Visa Debit Card but people need to know that this is not a typical “debit” card.  Instead, this card, although advertised as a debit card, is an electronic ATM card, meaning it can be used at ATMs but currently, it cannot be used for online transactions.