Innovating for a smarter, cashless economy: Prime Bank PLC

M. Nazeem A. Choudhury 
Additional Managing Director 
Prime Bank PLC.

Prime Bank continues to innovate digital services for all clients, recently launching a co-branded Visa card with Chittagong Port Authority to accelerate Bangladesh’s transition toward a smarter, cashless economy.

Bangladesh is moving rapidly toward a cashless economy and the change is becoming more visible every year. With the rapid expansion of digital banking services, mobile financial services (MFS), online shopping platforms and fintech innovations, people are now becoming more comfortable with digital transactions than ever before. M. Nazeem A. Choudhury, shares how the bank is pioneering innovation to accelerate this national transition.

The Daily Star (TDS): How is Bangladesh’s journey toward a cashless economy evolving?

M. Nazeem A. Choudhury (MNAC): Digital financial services are becoming a daily essential in Bangladesh, supported by the government’s “Cashless Bangladesh” vision and the introduction of Bangla QR for seamless, secure transactions. Prime Bank is advancing this shift through its “MyPrime” platform enabling 24/7 account management, transfers, and virtual card services and its “TapIn” sticker card for cardless payments. Together, the efforts of the government, banks, and fintech companies are enhancing financial transparency and inclusion, building a strong foundation for sustainable economic growth.

TDS: How is Prime Bank enhancing value for its cardholders this Eid season?

MNAC: Prime Bank has introduced a wide range of special offers and reward programs for its cardholders Prime Bank’s Eid offers include free home delivery and 50% off meat processing at select cattle farms, plus up to BDT 10,000 cashback and 35% discounts on electronics, lifestyle, groceries, and e-commerce. Customers can also enjoy “Buy 1 Get up to 3” buffet deals at premium restaurants. Additionally, the bank recently launched “ZERO by Prime Bank,” a minimal-charge Visa Signature Credit Card. Supporting the “Cashless Bangladesh” initiative, Prime Bank is also providing ATM, CRM, POS, and digital account services at this year’s Digital Haat.

TDS: In what ways do these initiatives cultivate the habit of “smart spending” among consumers?

MNAC: Digital banking promotes smarter financial habits by offering real-time spending visibility, secure payments, and value-added rewards. Through instant notifications and transaction histories, consumers can monitor their expenses more effectively, while cashback and discounts maximize their purchasing power. By providing a safer and more convenient alternative to cash, these digital tools foster a responsible, digital-first mindset that leads to more informed and efficient financial decisions.

TDS: Looking ahead, how do you envision the future of festive spending?

MNAC: Future festive spending in Bangladesh will be increasingly digital and personalized, driven by AI and data analytics. Banks will use these tools to provide tailored promotions and spending recommendations based on individual behavior. As e-commerce and contactless payments expand, smartphone-based transactions and installment options are set to replace cash as the primary method for Eid shopping.