Maybank eyes 1% growth in card billings market share

KUALA LUMPUR: Malayan Banking Bhd (Maybank) is aiming for a 1% growth, equivalent to RM2 billion, in its billings market share to 30% for both its debit and credit cards in the next six months.
Maybank Head of Cards, Group Community Financial Services, B.Ravintharan said the target was achievable as people’s spending and travelling were expected to escalate towards the end of the year.
“I foresee our cards billings market share, which currently stands at 29% with a value close to RM50 billion, can improve by another 1% to 30% by the next six months. People are spending and travelling more around year-end.
“The industry’s billings market share is around RM180 billion, so an incremental of 1% is equivalent to about RM2 billion” he told Bernama after launching a co-brand partnership with FC Barcelona today.
Maybank is currently the leader in the cards business in Malaysia with over 11 million debit cards and two million credit cards in circulation.
The bank commands over 20.5% share of the credit and charge card market in the country.
Ravintharan said the bank saw a growth of over 20% for debit card and growth of slightly less than 10% for credit card last year.
He said the debit card segment was expected to continue its double-digit growth next year while growth for credit card could be between 10% and 12%.
“Our target is more on increasing the billings. We want to engage with the customers and we want the customers’ (cards) to be active.
“It’s not about the number of cards, but it’s more about getting the customers to use the card, responsibly, so there will be less cash transactions at point of sales,” he said.
With regards to the co-partnership with FC Barcelona, the bank today launched the Maybank FC Barcelona Visa Signature Credit Card and Visa Debit Platinum Card for the Malaysian market.
In his speech at the launch earlier, Ravintharan said the partnership with FC Barcelona represented another key step in the bank’s consumer banking strategy to ensure that it continued to build on its strong franchise in the region by offering distinct value propositions for different market segments.
“We expect to issue 15,000 new co-branded cards in the first year of launch and hope to be able to expand this partnership to our other regional markets, where there is a demand and strong following of the FC Barcelona team,” he said.
Ravintharan said Maybank is now considered the official bank for FC Barcelona in Malaysia and the bank would also be extending similar partnership to Singapore in January 2018, and tentatively to the Philippines and Cambodia next.
Meanwhile, FC Barcelona commercial director Xavier Asensi and its legend player Gaizka Mendieta, both of whom were present at the launching event, said through the new partnership, FC Barcelona would be able to continue to increase its popularity while getting closer to its fans.
Both Maybank and FC Barcelona shared an estimate that there are approximately four million FC Barcelona fans in Malaysia and 131 million fans in Asia.