Payment processing company MasterCard Worldwide reports growing acceptance and increased transaction volumes for its Debit MasterCard in Malaysia.

The Debit MasterCard was launched in Malaysia in 2007 and features a multi-application chip with an embedded PayPass contactless payment function, accepted at over 100.000 local merchants and in 28 million MasterCard-accepting locations worldwide.

According to MasterCard Worldwide representatives, the Malaysian debit market has significant growth potential, mainly due to the fact that debit cards are traditionally perceived as safer alternatives than their credit counterparts by credit-wary customers as well as by under-age young people who do not qualify for credit cards.

A Debit MasterCard can be issued for savings or current account holders, who can use the payment instruments for point of sale purchases without incurring interest charges. Fees and finance charges are only leveraged only if an overdraft line of credit is attached to a current account. Unlike regular ATM debit cards, the Debit MasterCard can also be used for online shopping.

In Malaysia, the Debit MasterCard is issued by Affin Bank, Alliance Bank, EON Bank, Public Bank, RHB Bank and Standard Chartered Bank.