KUALA LUMPUR (July 26): Public Bank Bhd today launched a debit card that offers frequent travellers, the convenience of card payment over carrying large amounts of cash.

The bank signed an agreement with UnionPay International, a global payment network, to issue the PB UnionPay Lifestyle Debit Card.

"UnionPay’s acceptance across 160 countries encourage Malaysians who travels often, expatriates and inbound students to take up the card," said Public Bank in a statement.

The agreement was signed by Public Bank managing director Tan Sri Tay Ah Lek and UnionPay International chief executive officer Cai Jianbo.

“Being the first local bank in Malaysia to launch UnionPay card once again, proves that Public Bank is focused in progressing and improving our core retail business to enhance our customers’ banking experience,” said Tay.

Cai, meanwhile, said that to issue UnionPay Cards with a leading local brand like Public Bank is a milestone for UnionPay’s Malaysian business.

In Malaysia, UnionPay cards issued locally and overseas are accepted at 80% of automated teller machines, while 60% of merchants accept payments by UnionPay cards.

UnionPay International is a subsidiary of China UnionPay, focusing on international business.

In partnership with more than 1,000 institutions worldwide, UnionPay International has extended its card acceptance to 160 countries and regions globally, with issuance in over 40 countries and regions.

Public Bank’s share price rose 12 sen or 0.62% to RM19.50 today, for a market capitalisation of RM75.7 billion.