Digital transaction of money has been playing a crucial role in our economy. By ensuring safety and promptness, mobile financial service (MFS) providers such as bKash, Rocket, Nagad, and Upay have made common people's life faster, easier and smoother than before. People now can instantly make various kinds of transactions without physical contact including mobile phone recharge, payment of grocery, medicine, trade, utility bills and more. People no longer need to rely on conventional methods for sending money from one place to another, which was costly and time-consuming. We can send and receive money from any part of the country in the wink of an eye.
In 2020, the number of MFS clients were 82.92 million in Bangladesh. Now, it has increased to more than 180 million. Close to 181.1 million users were registered in 13 MFS providers in August 2022, according to the Bangladesh Bank. If the users do not share details of their accounts, these modes of financial transaction are quite safe. However, the cash-out charge of these mobile banking companies is pretty high. So, we urge the authorities concerned to bring down the cash-out charge for mobile banking to a single-digit.
Md. Sayeed Ibn Jahangir
Student of BBA,
North South University, Dhaka,
sayeed.jahangir@northsouth.edu