Between 2005 and 2007 the credit card market in Malaysia has witnessed a 50 percent increase in pre-tax levels, according to research.
This growth is attributable to a 32 percent increase in the number of cards, as well as a 44 percent growth in outstanding debt within the same period. Between 2002 and 2007, the number of cards as well as total spending have more than doubled, reaching 9.9 million and USD 17 billion respectively. However, even if it registers significant profits, the credit card market in Malaysia is witnessing challenges as well. One of them is related to low merchant acceptance which is due to high levels of fraud. Furthermore, the regulations according to which early re-payers could benefit from a reduced annual percentage rate might affect interest revenue. Data have been published by UK research and advisory house Lafferty Group.
The Paypers is the leading news source for the payments industry. We keep busy payments professionals across the globe up-to-date. Our comprehensive news service covers topics such as online and mobile payments, and much more. We offer many different options allowing you easy access to our daily news coverage, such as emailed headlines, general or specific news feeds, website access, journal subscriptions, or customised solutions.
Please fill in the form below if you would like to receive the free The Paypers Headlines directly to your inbox. We will e-mail you the latest headlines daily or weekly.