IMGCAP(1)]
Standard Chartered Bank Malaysia hopes to add 50,000 credit cardholders in the next 12 months with its recently launched MasterCard-branded JustOne payment card, a spokesperson from the Kuala Lumpur-based bank tells CardLine Global. The JustOne card combines credit, debit and ATM card functions. A credit line and a JustOne checking account are linked to the card. Cardholders determine at the point of sale which account is charged by selecting credit or debit. MasterCard Worldwide could not provide further details about the card by CardLine Global's deadline. The bank is using the card to target professionals in Malaysia younger than 30 who have incomes of at least 40,000 ringgits (US$11,000) a year. "Standard Chartered Bank Malaysia currently holds 5% of the total credit card market in Malaysia," the spokesperson says. With the launch, "we fully expect to capture 7% of the total credit card market in the next 24 months." Maybank, Public Bank and Citibank dominate the credit card market, while Standard Chartered has yet to crack the top 10, Toon Van Galen, partner at Ratera Van Galen, a Malaysia-based independent market-research firm, tells CardLine Global. "The idea of targeting a new card in this very competitive market for credit cards is certainly interesting, especially since the [average] age of current credit cardholders in Malaysia is 35 years, quite a bit higher than the target group of 30 years old," he says. "This new product would, therefore, require considerable support in order to break through the current rankings." Low fees and charges, widespread card acceptance and ease of balance transfers are some of the key factors that influence Malaysians when choosing a card, according to Van Galen. "If Standard Chartered can get the product right in terms of these factors, they might have a good chance of success with this interesting concept," he says.
