More banks in Malaysia are expected to introduce the debit MasterCard in the market soon, says the MasterCard Worldwide vice president and senior country manager for Malaysia and Brunei, Jim Cheah.

"Several other banks have shown keen interest in the product. So, many more launches are expected to come," he said when asked if more banks will introduce the product.

He said some of the banks are already getting their system ready for the card.

EON Bank Group emerged as the first in the world to introduce the card called Combi Debit MasterCard, which is the world's first EMV (Europay, MasterCard, Visa) compliant Debit MasterCard, when it launched the card last Tuesday.

KUALA LUMPUR, Sept 29 (Bernama) -- More banks in Malaysia are expected to introduce the debit MasterCard in the market soon, says the MasterCard Worldwide vice president and senior country manager for Malaysia and Brunei, Jim Cheah.

"Several other banks have shown keen interest in the product. So, many more launches are expected to come," he said when asked if more banks will introduce the product.

He said some of the banks are already getting their system ready for the card.

EON Bank Group emerged as the first in the world to introduce the card called Combi Debit MasterCard, which is the world's first EMV (Europay, MasterCard, Visa) compliant Debit MasterCard, when it launched the card last Tuesday.

Besides EMV, the card which also encompassing PayPass contactless and Automated Teller Machine functions, will be made available for customers by the end of this year by EON Bank.

"By offering this new card in Malaysia MasterCard has expanded its range of products here. This is definitely a product that will be taking the market by storm because it's better than cash and safer," he told Bernama in an interview recently.

Such products, he said, is another step forward into bringing Malaysia into the cashless society.

Cheah said the debit card allows people to control their expenses, and the trend for such needs is emerging not only in Malaysia but also in other matured markets globally.

He said debit card programmes are gaining popularity in markets around the globe such as Europe, North America, Australia as well as Japan.

"In the U.S. debit transaction in terms of book volume as well as transaction numbers has overtaken credit cards," he said.

However, it is not a replacement for credit cards but complements it, he noted.

EON Bank aims to issue at least 100,000 Combi Debit MasterCard by the end of 2008.

Linked to a savings or current account, the Debit MasterCard allows cardholders to conduct transactions using their own funds rather than making purchases on credit.

EON Bank Group's head of card centre Aaron Tan also expects a high percentage of its 400,000 plus ATM card holders to convert to the Combi Debit MasterCard. He said there will not be any fee charged for conversion.

Unlike other debit cards which can only be used locally, the EON Bank Combi Debit MasterCard can be used globally at more than 25 million locations, said Cheah.

Source - BERNAMA