KUALA LUMPUR, Nov 19 (Bernama) -- No- frills financial services company Tune Money Sdn Bhd expects to register about 500,000 cardholders for its newly-launched prepaid card, the Tune Card.

Its chief executive officer, Tengku Zafrul Aziz, said today the company is confident of achieving the target based on the unique features of the card compared with other prepaid cards in the market.

He said the card is available to anyone and there is no minimum salary requirement to acquire the card.

The cardholders will be charged a fee of RM9.99 a year and are required to maintain a minimum balance of RM10 on the card at all times, he said at the launch of the Tune Card here by Deputy Finance Minister II Datuk Dr Awang Adek Hussin.

"What we are launching today is the basic prepaid card. But over the next three months we will be adding features to the card such as card-to-card transfers, transportation and bill payments, mobile reloads as well as a loyalty programme," Tengku Zafrul said.

He said the card users will be able to track online their balances as well as their transaction history.

"We have worked out a variety of convenient reload channels. If you have a local bank account, just register for an internet account and you can top up the card via financial process exchange (FPX). If not, you can always do it at Pos Malaysia, Bank Simpanan Nasional or CIMB bank branches," he added.

Earlier, Awang Adek said the non-performing loans for credit cards declined to RM586 million in September from RM761.4 million in August.

The total outstanding balances from cardholders which are more than six months overdue shrank to RM84.7 million in September from RM267.9 million in August, he added.