Visa to unveil first-to-market Visa Flexible Credential in Bangladesh with Eastern Bank PLC

Visa, a global leader in digital payments, announced that they will soon launch the Visa Flexible Credential (VFC), also known as Flex, in partnership with Eastern Bank PLC (EBL).

This novel partnership will mark the introduction of Flex in Bangladesh, aimed at providing cardholders with enhanced financial flexibility and convenience, according to a press release. 

Visa Flex is an innovative solution that allows a single Visa credential (the 16-digit number unique to an issued card) to access multiple funding accounts, offering users a seamless financial management experience.

With Flex, cardholders of EBL will be able to link various funding sources, such as savings, credit, and prepaid accounts, all under one card, the release says. 

This flexibility will empower users to manage their finances more efficiently by setting smart rules for transactions, such as routing specific purchases to different accounts based on their preferences like transaction amount or currency.

Additionally, Flex will facilitate enhanced rewards so consumers can earn and redeem rewards across multiple programs with a single credential, according to the release. 

Sabbir Ahmed, Country Manager, Bangladesh, Nepal and Bhutan, Visa commented on the association saying, "We are thrilled to collaborate with our long-standing partner Eastern Bank Plc to bring the first-in-market innovation like Visa Flex to Bangladesh. This revolutionary solution is set to redefine the way our cardholders manage their payments, providing them with greater control and flexibility across debit as well as credit purchases. We believe this new solution will significantly enhance the consumer experience, aligning with our commitment to pioneering and deepening digital payment solutions in Bangladesh."

Ali Reza Iftekhar, Managing Director & CEO of EBL, said, “At EBL, we are committed to delivering world-class, customer-centric payment solutions. This strategic partnership between EBL and Visa to introduce EBL Visa Flex to our customers marks a significant step forward in that journey. With this innovative offering, our customers will be able to access funds across multiple cards through a single credential. This initiative reflects our commitment to simplifying banking and enhancing everyday financial experiences.”