Singapore’s digital bank Trust has rolled out AutoPay, a feature aimed at simplifying the process of credit card repayments for its users.

This development allows Trust Bank‘s users to set up automatic repayments for their credit cards with just a few clicks, provided they have a savings account.

Trust Bank’s AutoPay feature is a straightforward setup process. Customers with a Trust credit card and savings account can activate AutoPay in a matter of seconds. For those without a savings account, the bank offers a quick, approximately one-minute account opening experience.

In addition to the convenience of automatic repayments, Trust Bank’s savings account holders can benefit from an interest rate of up to 3.0% per annum.

This rate is underlined by the assurance that Singapore dollar deposits of non-bank depositors are insured up to S$75,000 per depositor, per scheme member, in accordance with Singapore Deposit Insurance Corporation regulations.

The bank has also rolled out the capability to receive incoming GIRO payments directly into Trust accounts. This feature enables customers to easily manage salary credits and government cash payouts.

For salary crediting, customers need only inform their employer to update their designated salary crediting account to Trust Bank. Meanwhile, to facilitate government cash payouts, customers are advised to register their NRIC for PayNow.

Tarun Punjabi, Product Lead for Payments and Innovation at Trust Bank said,

“Making automated repayments to your credit card should be quick and simple.

We’re fortunate to be able to build our customer experience from scratch and in doing so, we’ve created something that is easy to do that we think it will bring smiles to our customers’ day.”

Michal Bialer, Chief Product Officer at Trust Bank said,

“We are delighted to deliver new capabilities which bring value to our customers’ daily banking needs.

As we continue to expand on our product suite, we stay focused on bringing an innovative experience which is easy, transparent and rewarding.”

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• Source: https://fintechnews.sg/93631/virtual-banking/trust-bank-introduces-autopay-for-credit-card-repayments/