Being Malaysia largest bank in terms of both market capital and internet banking users, this will mean a major push for debit card usage in the country. Interesting to watch is, will it hamper the bankcard (comprises of ATM, e-debit and MEPS Cash) initiative by MEPS, a so-called government flagship project in moving towards a cashless society?
Seems like there’s a lot of things a VISA debit card can do but the bankcard cannot. Strictly from a consumer point of view, i really don’t see any reason why i want to use Bankcard to spend instead of Visa Debit Card. So debit card will prevail, and below are the reasons why.
Below is a brief comparison of our very own bankcard vs Visa-branded debit card
|Visa Debit Card||Bank Card|
|Online Shopping?||Yes. As long as the website using a payment system supporting Visa Debit, eg WorldPay. Which a lot of ecommerce website does.||Yes, but requires a special card reader and only works with website that supports MEPS Cash? my comment: forget about it, who will want to dig out extra cash buying a card reader & carrying it around just so “uncool”!|
|Buying things from shops around the world?||Yes, it works like a credit card, the only difference is that the amount spent is deducted directly from your saving / current account. Looks like a VISA card, works like a check. You can only spend the amount you have in your account. Since it’s VISA, of course it’s accepted by merchants and worldwide.||Restricted to Malaysia merchants only. according to Maybank, only about 2500 of them locally. So even if AirAsia can fly you to Goldcoast, you probably will find your bankcard “useless” there.|
|Withdraw your saving / current account money from any ATM?||Yes, you can do this in any ATM worldwide supporting PLUS. This of course including our local banks ATM, most of them support PLUS.||Limited. Only local banks ATM and also certain ASEAN country ATM only. This again provided the foreign bank ATM compatible with both MEPS and the local issuing bank. Eg only Maybank Bankcard support money withdrawal to Thailand, Singapore and Indoensia ATM. Again, if you are flying AirAsia to China carrying only bankcard, i wish you good luck.|
Some related links and news:
Learn more about history of Bankcard (history as in this supposedly an official website of bankcard is not updated as of time of writing, the promotion on the website dated back to 2005, hello…. directors, are you sleeping?)