The movement towards a cashless society is gaining momentum in Bangladesh, fuelled by the convenience-seeking habits of today's generation. Bangla QR emerges as an essential player in this transformation. By bringing together multiple banks and mobile financial services to facilitate and secure transactions on a single platform, Bangla QR is now one of Bangladesh Bank's top priorities.
The government has already taken an initiative for leveraging the payment system through Bangla QR. Before the 15th of February, Bangladesh Bank didn't charge any transaction fee through Bangla QR, but for the merchant accounts, it was 1.2 per cent. After the 15th of February, when the market had already familiarised with the Bangla QR, the Bangladesh Bank set a charge of 0.8 per cent for Mirco Merchant and for Merchant, 1.2 per cent. This initiative is taken to increase TPV on digital platforms by leveraging Bangla QR to achieve the goal of a cashless Bangladesh. Also, Bangla QR will demolish the MFS monopoly in the market.
Bangla QR is powerful since it combines several ways to manage money in one location. The government is also pushing for digital payments by making them more affordable and boosting the usage of Bangla QR. It means that Bangladesh is moving closer to utilising less cash and more digital money, making it safer and more accessible for everyone to purchase and sell goods.
Md. Asif Abdullah,
Student, Department of Marketing and International Business,
School of Business and Economics,
North South University, Dhaka.
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