Visa International said it has signed POSBank to issue the Visa Interlink debit card. POSBank is the third Singaporean institution, following DBS Bank and United Overseas Bank, to join the on- line debit program, which has been growing rapidly in Asia.
The cards can be used in Visa's global automated teller machine network as well as in point of sale terminals with entry of a personal identification number.
Visa's Asia-Pacific office in Singapore said banks have issued 43 million Interlink cards in Asia and the United States. They are accepted at more than 100,000 merchants in 11 Asia-Pacific countries.
"We are seeing (annual) growth figures of 250% on cards and 300% on acceptance," said Richard Chang, Visa Asia-Pacific vice president and senior country manager. "Debit accounts for 31% of our total volume and this number is expected to grow."