Bangla QR is a common platform for app-based transaction settlement of all banks and mobile financial services (MFS) providers in the country.
Customers of any bank or MFS connected to this platform can pay by scanning the QR codes.
As part of its Cashless Bangladesh campaign, BB expects all sorts of financial transactions to be done through Bangla QR-enabled apps soon. The service is currently enabled in Dhaka’s Gulshan and Motijheel areas. The central bank’s Executive Director and spokesperson Md Mezbaul Haque said the Bangla QR code-based transaction system has been introduced to create a cashless smart Bangladesh.
“Through this, customers of any bank will be able to make payments digitally, making it a hassle-free process for both the customer and the merchant. It will gradually be introduced across the country,” he said.
On February 8, BB instructed all banks, MFS, payment service providers and payment system operators in the country to adopt the Bangla QR system by June 30 this year. At the same time, the Tk 20,000 daily limit was withdrawn.
However, banks or MFS can set single and daily transaction limits based on Bangla QR in case of merchant payments.
The initiative to introduce this system was taken at the end of 2020 and a policy regarding the use of Bangla QR was issued by BB in January 2021. As part of the cashless campaign, Bangla QR was introduced at 120 micro traders and small businesses in the Motijheel area on January 18.
Currently, the 11 banks involved in the QR payment system include Dutch-Bangla Bank, Mutual Trust Bank, AB Bank, Eastern Bank, Islami Bank, United Commercial Bank, The City Bank, Bank Asia, Pubali Bank and One Bank.
bKash, Islami Bank’s mCash and Dutch-Bangla Bank’s Rocket are the three MFS providers and Mastercard, Visa and American Express are the three international card service providers involved in the campaign.
BB expects to gradually include all operating banks and MFS platforms in the country under the digital payment system.