We are focusing on cashless transactions

Financial Express (FE): When did Premier Bank start offering credit card services?

Md. Monzur Mofiz (MMM): Premier Bank introduced credit card services in Bangladesh since 2004. Over the period, the card portfolio expanded significantly, incorporating technology-driven secure transactions, international acceptance, and a strong merchant network. Today, the Bank offers a wide range of cards, including Visa and Mastercard Platinum, Gold, Classic, as well as premium Mastercard World and Visa Signature categories.

FE: What is the trend of credit card usage in Bangladesh? How has it grown in the last five years?

MMM: Credit card usage in Bangladesh has grown remarkably over the past five years. After the COVID, the acceptance of digital transactions accelerated rapidly. Online shopping, e-commerce, food delivery, and travel sectors have seen continuous growth in card transactions. According to Bangladesh Bank data, both the numbers of cards and transaction volumes have multiplied several times, reflecting strong momentum in digital payments.

FE: Which customer segments use credit cards most? How can those left behind be included?

MMM: Corporate executives, private sector employees, entrepreneurs, and expatriates are among the most active credit card users. Urban young professionals and online shopping-dependent customers also form a significant segment. However, usage remains lower among rural populations, small business owners, and low-income groups. To include them, initiatives such as simplified low-limit cards, financial literacy programs, digital security awareness, and expanded merchant networks are essential.

FE: How many types of credit cards your bank is currently offering?

MMM: Premier Bank has introduced a diverse range of credit cards tailored to customer needs and income levels. These include premium Mastercard World and Visa Signature cards, alongside Visa and Mastercard Platinum, Gold, and Classic cards.

FE: What makes Premier Bank's credit cards distinctive compared to others?

MMM: Premier Bank's credit cards stand out with unique privileges like access to 1,600+ international airport lounges, including Balaka Lounge at Shahjalal International Airport. The cardholder can get exclusive Buy-One-Get-One offers at five-star hotels and restaurants. There are gift vouchers (Visa Signature & Mastercard World) and an extensive merchant network. We also offer insurance facilities for cardholders. The zero per cent EMI facility is also there. Our cards are protected with multi-layered security features, including EMV chip, OTP verification, and real-time transaction alerts. 24/7 Customer Care Centre service, fast card issuance, and quick limit processing make the cards attractive.

Together, these features make Premier Bank credit cards a secure, convenient, and cost-effective solution for customers.

FE: What are the main benefits of credit cards?

MMM: The key benefits include cashless secure transactions, instant access to funds in emergencies, zero per cent EMI facility, discounts and cashback offers, international acceptance, and expense tracking. For new customers, the advice is to use cards responsibly, pay bills on time, and avoid unnecessary debt. Moreover, credit cards make transactions transparent and trackable, reduce risks associated with cash handling, and strengthen the digital ecosystem.

FE: What special offers are available for Ramadan and Eid shopping this year?

MMM: For Ramadan and Eid, Premier Bank has introduced: (a) attractive cashback offers; (b) "Buy 1 Get 3 Free" Iftar and Sehri buffet deals at five-star hotels; and (c) Maximum discounts at selected lifestyle, fashion, and jewellery brands; zero per cent EMI facilities for larger purchases.

These offers allow customers to shop safely and cost-effectively using cashless methods during the festive season.

FE: What challenges exist in expanding card-based payments within the digital ecosystem?

MMM: Challenges are many. These include: limited POS terminal infrastructure in rural and semi-urban areas; Merchant concerns over MDR (Merchant Discount Rate); Internet connectivity issues in certain regions; and gaps in customer awareness regarding digital security. However, coordinated efforts by the central bank, government, and private banks are gradually overcoming these barriers.

FE: What initiatives your bank has taken to make card usage more popular in the country?

MMM: Premier Bank has undertaken several strategic initiatives like expanding merchant partner networks nationwide; running regular campaigns with cashback and discount offers; conducting digital security awareness programmes, simplifying and speeding up card application processes; and introducing contactless payment facilities.

These measures aim to make card usage more accessible, secure, and attractive to customers.

FE: What changes or new services can be expected in the future credit card sector?

MMM: Future developments may include virtual credit cards, mobile wallet integration, AI-powered fraud detection, and green/sustainable cards. These innovations will further enhance convenience, security, and environmental responsibility.

FE: What initiatives can the government take to boost digital transactions?

MMM: The government can strengthen digital payments by: improving rural infrastructure and internet connectivity; offering tax incentives for small businesses; launching nationwide financial literacy programs; expanding mandatory digital payment options in government services; and enhancing cybersecurity laws and monitoring. Joint efforts by the government, central bank, and private banks will make Bangladesh's digital payment ecosystem stronger and more inclusive.