Vector processors have significant advantages for next generation multimedia applications (MMAs). One of the advantages is that vector processors can achieve high data transfer performance by using a high bandwidth memory sub-system, resulting in a high sustained computing performance. However, the high bandwidth memory sub-system usually leads to enormous costs in terms of chip area, power and energy consumption. These costs are too expensive for commodity computer systems, which are the main execution platform of MMAs. This paper proposes a new multi-banked cache memory for commodity computer systems called MVP-cache in order to expand the potential of vector architectures on MMAs. Unlike conventional multi-banked cache memories, which employ one tag array and one data array in a sub-cache, MVP-cache associates one tag array with multiple independent data arrays of small-sized cache lines. In this way, MVP-cache realizes less static power consumption on its tag arrays. MVP-cache can also achieve high efficiency on short vector data transfers because the flexibility of data transfers can be improved by independently controlling the data transfers of each data array.