A positive step towards financial inclusion

Bangladesh Bank recently launched a great initiative for promoting Bangla QR to build a cashless Bangladesh in the future. MFS users, internet banking users, and other fintech users will be able to make payments for their purchases through Bangla QR directly to the destination account. Also, the long-standing dream of financial inclusion is expected to be further strengthened through the introduction of Bangla QR.

Already, renowned MFS providers like bKash, Rocket, and Nagad have integrated themselves with Bangla QR. Also, mobile banking applications are allowing it as a universal payment gateway. The primary advantage will be the financial inclusion of the unbanked and underserved people within the banking system.

Cashless transactions will also evolve significantly, which may augment deposits in the overall banking sector. Moreover, people will be more directly engaged with banks as a part of their daily financial activities. From day-to-day purchases to the purchase of luxury and exclusive items, Bangla QR can help people avoid carrying cash everywhere. Also, banks may enjoy enhanced liquidity through this channel.

However, it is a must to protect users' interests by preventing any bugs, cyberattacks, or phishing threats. Despite modernisation, financial fraud through online and digital platforms has become a common phenomenon worldwide. Therefore, the trust of the people should not be disrupted. Adequate concern for users, along with raising awareness about potential threats, should be thoroughly introduced so that the associated risks can be effectively mitigated.

Kawsik Azad Pronoy

A Banker and Economic Analyst