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September 28, 2020

EBL rolls out dual currency UnionPay debit card in Bangladesh

By Shalini mani

Eastern Bank Limited (EBL) has rolled out dual currency UnionPay debit and prepaid cards in Bangladesh.

The new cards, which are claimed to be the country’s first dual currency UnionPay cards, is designed for local and international transactions as well as for use in e-commerce purchases.

It reportedly allows cardholders to avail up to $12,000 per year under travel quota limit.

Furthermore, it provides the cardholders with UnionPay specific offers and benefits in addition to all the regular EBL Debit and Prepaid card product propositions.

EBL managing director and CEO Ali Reza Iftekhar said: “The result of the partnership is EBL introduces first Dual Currency UnionPay Card in Bangladesh. Through our partnership we will offer innovative and exciting propositions to cardholders in Bangladesh and offer them cashless and seamless banking experience.”

UnionPay International South Asia Branch head Ashutosh Agrawal added: “Leveraging our advantages in payment technology and network, UnionPay is willing to join hands with more industry players to provide more high-quality and innovative services for more customers in Bangladesh.”

The new dual currency UnionPay debit and prepaid cardholder will be able to use their cards at all EBL ATMs and POS terminals across Bangladesh.

In June this year, Bangladesh Bank (BB), the country’s central bank, allowed authorised dealer (AD) banks to issue international debit cards (IDCs) to eligible consumers.

This move allowed the banks in the country to issue IDCs according to the cardholder’s annual travel entitlement with endorsement on passports.

Initially, banks were allowed to issue international credit or pre-paid cards (ICC/IPC) to eligible persons against their annual travel entitlements.

In 2016, India-based Jet Airways launched co-branded credit card in Bangladesh in collaboration with Eastern Bank and Visa.

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