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SCMP Reporter

STANDARD Chartered Bank is the latest in Hong Kong to venture into the realm of the cashless society by issuing debit cards with international coverage.

  Through MasterCard International, the bank is allowing card holders instant access to their bank accounts to settle retail purchases and draw cash around the world.

  Unlike a credit card which offers an interest-free lending period from the issuing banks, debit cards directly transfer money from the cardholder's account to settle retail purchases or withdraw cash.

  Boasting an international point-of-sale service that covers more than 671,000 outlets in more than 30 overseas countries, the bank is aiming at frequent travellers and high net-worth customers.

  'We will start with our priority banking customers and high net-worth customers,' said Standard Chartered personal banking group general manager Philippe Paillart.

  Card holders can withdraw cash at 177,000 automatic teller machines (ATMs) in more than 60 countries.

  The debit cards are expected to supplement credit cards and will be used as a substitute for cash.

  The cards are also accepted by such retailers as convenience stores and pharmacies, where credit cards have problems.

  'People who prefer not to have credit exposure or who want to reserve credit for larger purchases would like a debit card,' MasterCard International's Asia Pacific president James Cassin said.

  He said debit cards were not in direct competition with credit cards.

  Rather, they were used in the purchases now settled in cash.

  Standard Chartered launched a similar debit card product in Singapore and Malaysia in the latter part of last year.

  These international access are made available by the two banking systems Maestro and Cirrus.

  The former is the first worldwide on-line point-of-sale debit system while Cirrus is one of the world's largest ATM networks.



Standard Chartered issues debit cards