Hong Leong Bank Sdn. Bhd. has launched a debit card designed for young adults and teens, the Kuala Lumpur announced late last month.
The bank plans to issue the Hong Leong Junior Debit Card to children ages 18 and younger, the issuer noted in a statement. Cardholders will be able to withdraw cash, reload their prepaid mobile phone credits, or buy merchandise under limits set by their parents or legal guardians.
The issuer will link the card to the Hong Leong Junior Savings account, and cardholders may use it at any of the more than 29 million authorized merchant locations that accept Visa or payments supported by Malaysian Electronic Payment System Sdn. Bhd., a payment consortium owned equally by 12 local banks and the country’s premier ATM network.
All approved Hong Leong Junior Debit Card applications technically are issued to parents or legal guardian, the bank said in the statement.
“We aim to attain about 30,000 new junior debit cardholders in the next six months,” a spokesperson for the bank tells PaymentsSource.
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