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Credit Cards in Malaysia
As at 31st December 2010, there are 8,547,200 credit cards(0.3 cards per capita) issued in Malaysia, a significant decrease of 20.99% or 2,270,400 cards compares to 10,817,600 in the same period in 2009.
The high reduction in number of cards is expected due to the Malaysian Government introduction of an annual service tax for credit and charge cards(RM50 for each principal card and
RM25 for each supplementary card) effective Jan 1, 2010.
There are 7,525,100 principal credit cardholders as at 31st December 2010, a decrease of 21.41% or 2,049,500 cards compares to 9,574,600 in the same period in 2009. Whereas the number of
supplementary credit cardholders as at 31st December 2010 stood at 1,022,100, a decrease of 17.77% or 220,900 cards compares to 1,243,000 in the same period in 2009.
In order to retain existing cardholders and attracting new applicants, credit card issuers in Malaysia have introduced cash back rewards card promotions en mass. This move will help
cardholders to offset the annual service tax, as well as encouraging cards usage and loyalty amongst cardholders.
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Charge Cards and Debit Card in Malaysia
As at 31st December 2010, there are 181,700 charge cards issued in Malaysia, a significant decrease of 36.29% or 103,500 cards compares to 285,200 in the same period in 2009.
Charge cards has a higher declining percentage compares to credit cards, most probably due to the fact that charge cards normally comes with an annual fee; and with the addition
of an annual service tax, charge cardholders have to pay extra fees every year.
There are 130,500 principal charge cardholders as at 31st December 2010, a decrease of 43.14% or 99,000 cards compares to 229,500 in the same period in 2009. Whereas the number of
supplementary charge cardholders as at 31st December 2010 stood at 51,200, a decrease of 8.24% or 4,600 cards compares to 55,800 in the same period in 2009.
As at 31st December 2010, there are 33,545,400 debit cards(1.19 cards per capita) issued in Malaysia, an encouraging increase of 11.48% or 3,453,500 cards compares to 30,091,900 in the same period in 2009.
The 33,545,400 debit cards can be further divided into:-
- 3,821,200 cards with international debit functions, an increase of 5.99% or 216,100 cards compares to 3,605,100 in the same period in 2009.
- 24,596,100 ATM Cards(domestic PIN-based debit card scheme), an increase of 5.92% or 1,374,700 cards compares to 23,221,400 in the same period in 2009.
- 5,128,100 cards with both domestic and international debit functions, a significant increase of 57.04% or 1,862,600 cards compares to 3,265,500 in the same period in 2009.
Total Card Payments in Volume and Value
For 2010, there are 294.9 millions of credit card payment transactions in Malaysia(10.44 transactions per capita), an increase of 18.80 millions or 6.81% compares to 276.10 millions in 2009.
This shows the 20.99% reduction in number of credit cards does not affect the credit card usage volume.
There are 5 millions charge card transactions(0.18 transactions per capita) for 2010, a decrease of 0.2 millions or or 3.85% compares to 5.2 millions in 2009. This is a minor decrease in charge card usage volume,
taking into consideration of the 36.29% reduction in number of charge cards.
Debit cards recorded 18.4 millions transactions(0.65 transactions per capita), a significant increase of 7.1 millions or or 62.83% compares to 11.3 millions in 2009. The percentage increase in debit cards transaction is
about 5.5 times more in comparison to the percentage increase in number of debit cards.
The total credit card payments for 2010 is MYR79.8 billions in value(MYR2,824.73 per capita), an increase of MYR10.5 billions or 15.15% compares to MYR69.3 billions in 2009. This is inline with the increase in transactions
volume and once again shown the reduction in number of credit cards does not affect the growth in credit cards usage. This also translates into MYR270.60 per credit card payment transaction,
an increase compares to MYR251 in 2009; which also meant credit cards are used for increasingly larger amounts.
MYR5.2 billions(MYR184.07 per capita) is spent with charge cards in 2010, an increase of €1.1 billions or 26.83% compares to MYR4.1 billions in 2009. This shows the reduction in number of charge cards and transactions
volume do not affect the total transactions value. This also translates into MYR1,040 per charge card payment transaction, an increase compares to MYR788.46 in 2009; which also meant charge cards
are used for increasingly larger amounts. This may means only the affluent is now carrying the charge card, paying with charge cards for larger amount purchases; opting for the privileges and prestige
and do not mind with the extra fees.
Debit cards recorded MYR4.7 billions(MYR166.37 per capita) transactions in 2010, a significant increase of €1.9 billions or 67.86% compares to MYR2.8 billions in 2009. This is inline with the increase in transactions volume.
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