Trust Bank to support cashless society

FE: There has been a notable rise in the use of credit cards in recent years. What is Trust Bank's share in such growth?

Humaira Azam: Trust Bank (TBL) understands the trend towards electronic and digital payments and acknowledges the national surge in credit card usage. While our current credit card market share isn't the highest yet, we have a solid credit card base and are committed to significant growth in this sector. This commitment is reflected in our recent investments in: (a) Robust in-house card system infrastructure to ensure secure and smooth operations; (b) Enhanced credit card features to make them more attractive to customers; (c) Increased digital customer service channels for better accessibility; and (d) An expanding sales network to reach more potential customers.

We believe these initiatives will position us to capture a larger market share in the future.

FE: The use of credit cards is primarily Dhaka-centric. Do you have any special plans to popularise those in other urban centres?

Humaira Azam: We are aware on the Dhaka-centric trend. TBL recognizes this and is working towards wider credit card acceptance across Bangladesh. We understand that credit cards offer benefits like electronic and digital payments, discounts, reward programs, convenient EMI payment options, and travel offers. We're working on making these services readily available in other urban centers, making credit cards even more useful for people everywhere. We already have card acceptance points throughout the country and will further enhance this network with Bangla QR. We appreciate and support the Bangladesh Bank's initiatives like Bangla QR and NPSB POS to increase card acceptance, especially in remote areas.

FE: Does the investment made by banks in credit card facilities ensure justified return?

Humaira Azam: TBL believes the future lies in digital payments, and Bangladesh is on the path to becoming a cashless society. The central bank's supportive policies further encourage this shift. Our investments focus on creating the most convenient digital payment options for a seamless customer experience. While a positive return is certainly an expectation, TBL acknowledges the importance of investing in technological advancements to stay ahead of the curve.

FE: What is the average default rate by the credit card holders?

Humaira Azam: TBL maintains a lower-than-average default rate. We acknowledge this rate might increase slightly as we expand our reach. However, we are confident that our planned strategies, calculated risk management, and focused recovery efforts will keep the situation well-managed.

FE: Most shops and business establishments do not accept credit and debit cards. What should be done to motivate them?

Humaira Azam: TBL agrees that addressing business concerns is key to wider card acceptance. We believe initiatives like Bangla QR will directly motivate merchants by offering convenience, profitability, and accessibility. Bangla QR is easy to set up and use for merchants, with lower processing fees compared to traditional card machines. It enables even small businesses to participate in the digital payment ecosystem. TBL strongly supports such initiatives and believes they hold the key to wider card acceptance in Bangladesh.