Last edited by RMDNC; 02-07-2020 at 09:30 AM.
I have a new citi debit card which I have successfully used for online purchases, deducting foreign currency directly with citibank Global Wallet turned on.
It ran a promotion which ended on 30th June, offering 10% rebate for new banking customers.
Michael, post rebate period I would go to your bank and ask for an ATM only card for security. You have better protection with a credit card in the case of theft of the card and use of it. https://guides.wsj.com/personal-fina...ur-debit-card/
in the first place, as you said, OP asked for debit card.. which certainly Octopus isn't because it is merely a carry around digital wallet that does not pay directly from your bank account.. the only reason Octopus is successful is because of this carry around usage, and not because of its sub-line, the olepay, which is pretty much a failure as seen now.
my larger question is why you even claim its institutionalized monopoly ? Firstly Octopus is not a monopoly.. most guys chose not to get into digital wallet for many years because you really can't earn money in it.. Even Wechat and Alipay, in hk, i really doubt they make much money (no number proofs, but based on what i have seen and experienced). People only use them when promotion is available and if no promotion, switch to the next channel that has one.
Look at singapore transit EZ-link card, look at UK Oyster, etc. Those are not money making. Singaporeans only use transit link for buses and trains, which means there are no additional revenue for the card to make to cover their infrastructure cost to even talk about profit. Oyster cost UK government around 10% of revenue just to maintain and manage that system.. to the extent they are going to let credit card companies takeover the running of that.
anyway banks like citibank do have ATM cards that are debit cards by themselves.. it comes under mastercard scheme and you don't get any credit on that card.. all direct debit form you account.
dbs uses union pay but is also a direct debit card from your bank account
Also note that nearly every ATM card issued by banks in Hong Kong is a debit card. If it has the EPS logo on it, it is a debit card usable on EPS network. If it has UnionPay logo on it, it is a debit card usable on UnionPay network and works on POS transactions (but not online transactions). Furthermore, Standard Chartered offers VISA debit card (which is a choice among UnionPay debit card) and Citibank offers Mastercard debit card which can be used for online shopping.