Check out Maybank's new debit card featuring Superman

The card targets young adults and will be available in 1Q13.

According to a release, in a bid to further entrench its leadership in the debit card business as well as develop a new niche market segment, Maybank has teamed up with Warner Bros. to issue a new co-brand debit card featuring hero “Superman”.

The new card, to be made available in the first quarter this year, will see the two parties together with Visa International bring to the market the Maybankard Visa Superman Debit. The card is aimed especially at wooing teenagers and young adults to consider debit as a mode of payment within the context of their lifestyle needs as well as adopting good financial management practices. It also comes with special benefits and discounts for Warner Bros. products.

Maybank Deputy President and Head of Community Financial Services, Lim Hong Tat said that this tie-up will see only a limited number of this card made available in the market to maintain its exclusive value proposition.

“Our debit card business has been growing at a robust average rate of over 30% in the last few years, with billings of RM4.5 billion achieved in 2012 alone,” he said. “Although some may feel that this business does not offer significant growth opportunities given that customers tend to use these cards mainly for ATM withdrawals, Maybank’s experience has shown that this is a segment with substantial possibilities.”

He said Maybank has a strong lead in the debit card industry with a 53% market share in debit billings and its debit/ATM card base currently stands at over 8.5 million and is growing at an average of 200,000 cards issued per month.

“What is interesting is that over the years, as our ATM/debit card base has been growing, we have seen an even more accelerated acceptance of the card’s debit facility among customers, instead of just using it purely as an ATM card,” he explained.

“This indicates that debit card acceptance is on the rise and customers are well aware of the advantages of using the card for payment and purchases,” Lim said. “The turning point was the launch of the Maybankard Visa Debit in 2008 when we saw huge interest with 1 million cards snapped up within 10 months and 2 million achieved before the end of the second year.”

He said the advantage of the Maybankard Debit was its acceptance at over millions of outlets worldwide and its functionality which was fairly similar to a credit card when making payments. It could also be used for payment of online purchases, a key selling point to be used for the Superman Debit card Gen Y target market who are increasingly undertaking their purchases online. Furthermore, payments via debit card also earn rewards under Maybank’s award-winning Treatspoints loyalty programme, which incorporates a segment catering to Gen Y preferences.

“Our marketing insights have shown that pockets of opportunity exist within the Debit Card segment for solid growth, as we realised that customer lifestyle preferences were a criteria even when choosing a debit card,” explained Lim further. “Here again, our Maybankard Manchester United Debit, launched last April 2012, was a hit with over 350,000 of these cards issued to date. This was well above our normal issuance rate and target.”

Lim sees the Maybankard Visa Superman Debit as another opportunity to cement the Bank’s lead in this segment. “Last year alone, our debit card billings grew by over RM1 billion or some 30% compared with 2011. With Maybankard Visa Superman Debit and our other upcoming promotions this year, we see spending via our debit cards growing by at least 33% for 2013,” he said.