How EBL is powering a cashless, connected Bangladesh

As urbanisation accelerates and the middle class expands, I see a clear transformation in how people perceive and use credit. It is not simply about liquidity anymore—it is about aspirations, experiences, and financial empowerment.

Cards are steadily integrating into lifestyles. With access to premium benefits such as airport lounges, dining privileges, and e-commerce offers, they are becoming gateways to experiences rather than just payment tools. For instance, EBL Premium Category Credit Cardholders—Platinum, Titanium, Signature and World—enjoy complimentary access to Skylounge in Bangladesh, as well as global lounges through Priority Pass and LoungeKey. Such privileges reflect how cards connect consumers to more seamless and rewarding lifestyles.

For Bangladesh's rising middle class, we see credit cards as more than financial products—they are tools of empowerment that unlock convenience, global access, and lifestyle possibilities

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Ali Reza Iftekhar, managing director of Eastern Bank PLC

At the same time, we are witnessing a generational shift toward a cashless society. Millennials and Gen Z, growing up with digital banking, QR payments, and online shopping, naturally gravitate toward cards as part of their daily lives. The days of carrying cash are slowly fading, replaced by the convenience and security of digital transactions.

Credit cards also foster financial discipline. By introducing structured borrowing and repayment cycles, they familiarise consumers with responsible credit management—laying the foundation for larger financial commitments such as home or business loans. Moreover, with cross-border e-commerce, international travel, and subscription services on the rise, cards are unlocking global connectivity for Bangladeshi consumers.

The launch of EBL's first biometric metal credit card on 5 July 2025. Photo: Courtesy

At Eastern Bank PLC (EBL), we have strengthened our loyalty ecosystem through Skycoins and Skypoints, which customers can redeem for vouchers at partner merchants. This not only encourages card usage but also makes everyday spending more rewarding. Looking ahead, I believe cards will evolve into personalised financial solutions—integrated with digital wallets, loyalty platforms, and smart analytics—helping customers not just spend, but also save and invest wisely.

Of course, growth must be balanced with responsibility. Bangladesh's rising middle class presents enormous opportunities, but we are committed to expanding credit card penetration prudently. At EBL, our approach rests on a few key pillars. First, rigorous onboarding ensures we only issue cards to customers with the capacity and discipline to manage credit. Second, we segment products carefully: Classic and Gold for first-time users, Platinum, Titanium, Signature and World for affluent customers, and co-branded cards with partners like Daraz and ShareTrip for niche groups. Third, we prioritise financial literacy, running campaigns to educate customers about repayment behaviour and timely payments. Fourth, we set credit limits conservatively, reviewing them based on repayment history. Finally, we emphasise transparency—our Skybanking app and SMS alerts allow cardholders to track spending in real time and stay in control.

As transactions move increasingly online, security has become central to building trust. At EBL, we have taken a security-first approach. We deploy EMV chip technology, tokenisation, and AI-driven fraud detection; use OTPs and biometric validation for layered protection; and run a 24/7 fraud monitoring unit with instant blocking facilities via app, SMS, or helpline. We also invest heavily in customer education to reduce vulnerabilities, and we align with global best practices through partnerships with Visa, Mastercard, Diners Club International, and UnionPay. Our goal is simple: every EBL card transaction should be "secure by design, seamless by experience."

In a competitive market where cashback and points are common, we differentiate ourselves through curated lifestyle benefits, co-branded propositions, and first-to-market innovations. For example, we pioneered contactless Visa debit and prepaid cards in Bangladesh, and more recently launched the world's first biometric metal credit card with Mastercard. We also offer financial empowerment features such as Equal Monthly Installment plans (ZIP & EasyCredit), flexible limit management, and digital expense tracking. These benefits go beyond rewards—they help customers manage their money better and create lasting value.

Policy and regulation will continue to shape credit card adoption. While requirements like income proof and tax documentation are important for prudence, they also exclude many self-employed and emerging middle-class consumers. Recent relaxations on Proof of Submission of Return (PSR) requirements are encouraging, but further refinements—such as using utility payments, mobile financial services history, and digital transaction data to assess creditworthiness—could expand access responsibly. At the same time, a national framework on financial literacy, dispute resolution, and fraud protection would give consumers greater confidence in embracing cards.

EBL's Visa Signature card. Photo: TBS

Globally, new payment models such as Buy Now, Pay Later (BNPL) and digital wallets are reshaping consumer finance. I view these not as threats but as complementary innovations. BNPL and wallets often serve as entry-level products, particularly attractive to younger consumers. They help familiarise users with structured repayment and digital finance, eventually creating a pathway to full-fledged credit cards.

At EBL, we already offer BNPL propositions through EBL ZIP, allowing purchases from partner merchants to be converted into EMIs of up to 36 months. Customers can also convert transactions into EMIs directly at EBL POS terminals. Partnerships with fintechs and wallets will further enhance everyday use cases of cards, while competition from these products will only push banks to innovate faster.

Ultimately, I believe the future of credit cards in Bangladesh is one of integration and collaboration. Cards will remain the anchor of the ecosystem—globally accepted, credit-building, and lifestyle-enhancing—while BNPL, wallets, and other digital innovations broaden the landscape. Together, they will shape a more inclusive, responsible, and digitally empowered financial future for Bangladesh.

Cards: 

• Visa Classic, Gold, Platinum, Signature, Infinite
• EBL Skypoint reward program is tailored for EBL Visa Classic & Gold credit cardholders, to earn Skypoints on retail purchase transactions and redeem Skypoints to adjust card outstanding.
• EBL Advantage discount offers savings across hundreds of partnered merchants across Bangladesh.
• EBL Privilege Discount offers exclusive deals and premium savings across hundreds of partner merchants in Bangladesh, specially designed for EBL Visa Platinum, Signature, and Infinite cardholders.