CARDS & PAYMENTS | Cesar Tordesillas, Malaysia

CIMB hopes to double debit cards market share next year

CIMB Bank expects to raise its market share for debit cards from the current 5.7 percent to 10 percent next year.

“With the tightening of credit policies and the move to promote a ‘cashless’ society, we are confident the shift to debit card usage will further push the growth of this business in the country," said CIMB Retail Financial Services head Peter England..

“CIMB Bank will pursue to raise the utilisation of debit cards through campaigns to promote responsible spending,” he added.

CIMB Bank is the largest issuer of Debit Mastercard and has issued one million debit cards to date since it was introduced November last year.

For next year, it hopes to increase the number of debit cards in circulation by 4.3 percent.

It also has 750,000 credit card holders.

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