BANKING on the prospects of increased usage of debit cards in
Malaysia
,
Alliance Bank
yesterday launched the country's first debit
MasterCard
for the mass affluent segment.
There are two types of the Alliance debit
Mastercard
: a premium debit card and a platinum debit card. A standard debit card for the mass market segment was also launched, and
Alliance Bank
aims to issue 50,000 of all three cards in the next 12 months.
The bank's group chief executive officer
Datuk Bridget Lai
said all three cards will be linked to the bank's Alliance Hybrid Account with rates of up to 2.8 per cent, said to be the highest currently offered in the market.
Speaking after the launch in
Kuala Lumpur
yesterday, she said Malaysians have been rather slow in adapting to using debit cards in their daily spending compared with their counterparts in the US and the UK, and even
Singapore
.
"Here, credit cards and cash seem to be dominant and I think it is high time that we look at debit card as the best tool to better manage our cash and finances," she said.
"Our debit
MasterCard
will redefine the way cardholders plan and manage their cards. It will put money back into the pockets of its users and encourage greater financial management," said Lai.
The Alliance debit
MasterCard
gives cardholders up to two per cent cash rebate on all purchases without any amount spent limit.
The rebate, which is one per cent for the standard card, 1.5 per cent for platinum and two per cent for premium, is applicable at all
MasterCard
merchant outlets in the country and overseas.
Also present at the launch yesterday was MasterCard Worldwide vice-president and senior country manager
Malaysia
and
Brunei
,
Jim Cheah
.
Lai said about 30 per cent of
Alliance Bank's
customers are in the mass affluent segment.
To be eligible for the premium debit card, a customer must have a minimum total deposit of
with the bank while a platinum card customer must have a minimum deposit of
or a valid platinum credit card with any bank.
For the standard card, one only has to open an account with a minimum of
, Lai said, adding that holders of any of the cards will be charged an annual fee of
.
