Depth Analysis and Insights into The Malaysia Cards and Payments Market Including, Strategies Deployed and Competitive Landscape (Card Issuers in The Country)



The research report provides in depth analysis and insights into the Malaysia Cards and Payments Market including, strategies deployed by banks to market debit and credit cards and competitive landscape (card issuers in the country) for both debit cards and credit cards. The study includes 3 years historical market size and 6 years market forecast in terms of number of cards, value and volume of transactions processed through these cards, and other key metrics. The report also provides information on the key industry trends, major schemes, banks and detailed segmentation of card and payment industry. The research report is a new offering from the company’s Financial Services domain, and leveraged from the company’s existing cards and payments database of 50+ countries.
Explore Report with Detailed TOC on “Malaysia Cards and Payments Market” at: https://www.psmarketresearch.com/market-analysis/malaysia-cards-and-payments-market
 
In Malaysia, debit cards dominate the payment card market in terms of number of cards in circulation. In 2014, the debit cards accounted for 83.3% of the total number of cards in circulation. Debit card penetration per 100 inhabitants reached from 129 in 2012 to 135 in 2014. Key players in the debit cards market include Maybank, Bank Simpanan Nasional, Public bank Berhad, CIMB, Hong Leong Bank etc. Maybank was the leading bank in terms of number of debit cards issued in 2014.
 
In January 2016, Visa partnered with Maybank to launch the first contactless wearable in Malaysia- “Maybank Visa Payband”. Mr. Ng Kong Boon, Visa Country Manager for Malaysia, said, “Visa is pleased to partner with Maybank to launch Malaysia’s first contactless payment wearable. We believe that the adoption of a contactless payment wearable will be well received by Malaysians and be used to displace cash particularly at events, concerts and theme parks, making it easier and more convenient for consumers. To be able to drive Malaysia to become a cashless society, it is important that we take steps to displace cash at places that are traditionally heavy on cash, particularly at events and theme parks, where payment such as entrance fees and drinks are small ticket payments.”
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In April 2015, Bank Negara Malaysia launched a national electronic bill payment platform “JomPAY”. It allows customers of a participating bank to make payments to the registered billers of all JomPAY participating banks. This platform eliminates the need for a biller to maintain banking relationships with multiple banks in order to accept payments from its customers. As of 2015, JomPAY is offered by 29 banks through online banking and 4 banks via ATMs, with 472 registered billers accepting payments through the platform. Bank Negara Malaysia plans to include new small and medium enterprises and micro enterprises, with a target of 5,000 registered billers by the year 2020.
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