Credit cards at quickest possible time via digital onboarding

We are putting our best efforts into QR-based cashless transactions to make card usage more popular among a wider range of customer base, says BRAC Bank’s Head of Retail Banking Md Mahiul Islam in an interview with The Business Post.

BRAC Bank offers a wide range of credit and debit cards that provide extensive coverage in different areas to cater to the needs of clients. What unique offers do you have for cardholders during Ramadan and Eid-ul-Fitr?

This year, BRAC Bank is offering a plethora of amazing offers and exciting discounts at more than 1,000 partner outlets during Ramadan. The bank’s cardholders will enjoy B1G1, B1G2, and B1G3 offers for iftar/sehri and special discounts at dining places; lifestyle, jewellery, and sweet shops; hotels and resorts; as well as for travel, airline, ecommerce transactions, and many more.

The B1G1 offer is available at 60 hotels and restaurants, including Sheraton Dhaka, The Westin Dhaka, Le Meridien Dhaka, InterContinental Dhaka, Pan Pacific Sonargaon Dhaka, Radisson Blu in Dhaka and Chattogram, Amari Dhaka, Holiday Inn, Lakeshore Hotel, Hotel Sarina, and The Peninsula Chittagong. Moreover, the exciting B1G2 and B1G3 offers are available at renowned hotels and restaurants, including Six Seasons Hotel, Hotel Bengal Canary Park, and The Way Dhaka.

Our cardholders will enjoy up to 35 per cent discount at 119 hotels and restaurants in the major cities. They will also have cashback deals of up to 15 per cent on e-commerce transactions and up to 5,000 bonus reward points on spending at selective shopping malls, hotels, resorts, parlours, and salons.

To promote cashless payments during this Ramadan, BRAC Bank is offering 15 per cent cashback deals on QR transactions and clients can avail that by using our mobile banking app Astha.

Do you have any exclusive packages for travellers during the Eid holiday season?

Yes. Each year during the Eid season, we observe that a large number of people go on vacation. Considering this, BRAC Bank has attractive offers in place with travel partners. The customers will enjoy up to 61 per cent discount with 89 travel, hotel, and airline partners.

As cardholders typically use their cards for shopping before Eid, tell us what offers you have for this Eid season.

BRAC Bank always tries to make the best offers on special occasions. Our Ramadan and Eid offers cover all major categories of lifestyle segments to help our customers celebrate the special religious festival in a grand way with their families as well as near and dear ones. Our cardholders will have 25 per cent discount at 44 e-commerce merchants.

Also at 203 lifestyle partner shops, they will enjoy up to 30 per cent discount. Moreover, they will get up to 70 per cent discount at 35 renowned jewellery shops.

Can you provide an update on the current state of credit card transactions and the challenges BRAC Bank faces?

BRAC Bank has seen significant growth in terms of credit card transactions over the course of the last few years. As recognition of BRAC Bank’s excellence in the credit card business, the bank has received numerous awards from VISA and Mastercard.

Having said that, credit card transactions are mostly limited to Dhaka and some other major cities in the country. Apart from these areas, credit card acceptance through POS machines is not prominent in semi-urban or rural shops.

To increase credit card usage, we have introduced Astha QR. Recently, we started bKash QR payment at three lakh merchants all over Bangladesh using our banking App Astha. Our cardholders can also make payments using Bangla QR. These cashless transactions will bolster the volume of credit card transactions in the coming years.

What has been the impact of the pandemic on the credit card business, and how has BRAC Bank coped with it?

The pandemic came with a bane as well as a boon for the credit card business. As the whole country was under lockdown for a significant period of time, card transactions dipped during that time. During the pandemic, many of our cardholders faced challenges to repay credit card bills and some were also forced to close their cards.

On the brighter side, people started shifting to the digital payment ecosystem during the pandemic. Credit cards played a pivotal role in this digital transformation journey. More and more people opted for cashless payments using their credit cards. As people got used to cashless payment, they continued doing so after the pandemic eased. This resulted in growth in credit card usage and transactions.

What are BRAC Bank’s plans for the card business?

In terms of the card business, we want to take it beyond the major cities of Bangladesh and increase card usage in semi-urban and rural areas. We are constantly trying to include our SME customers under the umbrella of card usage by offering bespoke products made for them, including Borenno Premium Banking debit cards.

To make card usage more popular among a wider range of customer base, we are putting our best efforts into QR-based cashless transactions. In addition to that, in places where we do not have POS machines, bKash QR payment using the Astha app will ensure greater use of BRAC Bank cards.

At BRAC Bank, we see credit cards as a lifestyle product. We are constantly looking for innovative ways to offer unique value propositions through our credit cards. Also, our plan is to offer credit cards at the quickest possible time through digital onboarding.

Has the dollar crisis had any impact on BRAC Bank’s card business?

Previously, we used to run various international spending-based campaigns throughout the year. However, we are currently refraining from such campaigns.