With the use of Bangla QR made mandatory with effect from July 1 last the Prime Bank PLC has integrated the QR code into its digital banking ecosystem through the MyPrime app, allowing customers to make secure, instant and convenient QR-based payments across a growing merchant network. Close collaboration among banks, regulators, payment service providers, fintech companies and merchants are needed most to ensure long-term adoption of the digital payment standard, said Faisal Rahman, Chief Executive Officer, Prime Bank PLC, in an exclusive interview with The Financial Express (FE).
Q: How do you assess the potential impact of Bangla QR on Bangladesh's digital payment ecosystem? To what extent can it contribute to building a cashless society?
Ans: Bangla QR represents a significant milestone in Bangladesh's journey toward a truly interoperable and inclusive digital payment ecosystem. By enabling customers of different banks and mobile financial service providers to make seamless payments through a single QR standard, it removes fragmentation, simplifies transactions and enhances convenience for both merchants and consumers. In my view, Bangla QR has the potential to become a catalyst for accelerating the country's transition toward a cashless economy.
At Prime Bank, we see Bangla QR not merely as a payment solution but also as an important enabler of financial inclusion and digital commerce. We have integrated Bangla QR into our digital banking ecosystem through the MyPrime app, allowing customers to make secure, instant and convenient QR-based payments across a growing merchant network. We are also gradually expanding merchant acquisition, promoting customer awareness and encouraging digital payment adoption across retail, SME and rural segments. However, building a cashless society requires more than technology alone. It calls for close collaboration among banks, regulators, payment service providers, fintech companies and merchants. Consumer awareness, digital literacy, cybersecurity, reliable infrastructure and merchant acceptance are equally critical to sustaining long-term adoption.
Looking ahead, we believe the convergence of Bangla QR with real-time payments infrastructure, AI-driven fraud monitoring, data analytics and open banking will further strengthen Bangladesh's digital financial ecosystem. At Prime Bank, we remain committed to investing in innovative, secure and customer-centric payment solutions that enhance convenience, promote financial inclusion and support the nation's vision of a smarter, more digitally empowered economy.
Q: Bangla QR will allow customers to make payments from bank accounts, mobile financial services (MFS), and other payment accounts using a single QR code. How will this interoperability benefit consumers and merchants?
Ans: Bangla QR is really a game changer for Bangladesh's digital payments ecosystem because it brings true interoperability. With a single QR code, customers can pay seamlessly from their bank accounts, mobile financial service (MFS) wallets, or other payment accounts, making digital transactions simpler, faster and more convenient. For consumers, this means greater freedom of choice without being restricted to a specific payment provider. For merchants, a single QR code reduces operational complexity, lowers costs and enables them to serve a much wider customer base.
At Prime Bank, we have already implemented Bangla QR payment facility into our MyPrime digital banking platform, enabling customers to make secure and instant payments. We also introduced Bangladesh's first Bangla QR-based digital cattle payment system during Eid-ul-Azha, demonstrating how interoperable payments can replace large cash transactions in everyday commerce. Our Bangla QR payment transaction volume has grown significantly last years. We believe Bangla QR will accelerate merchant digitization, strengthen financial inclusion and reduce cash dependency. Through continuous investment in digital innovation, security and customer-centric solutions, Prime Bank remains committed to supporting Bangladesh's vision of a smart, interoperable and cashless economy.
Q: What preparations has your bank taken to implement Bangla QR? What strategies do you have to encourage customers and merchants to adopt this platform?
Ans: At Prime Bank, we have taken a proactive approach to implementing Bangla QR as part of our broader digital transformation strategy from both issuer and acquirer perspectives.
Our strategy focuses on expanding merchant acceptance, particularly among SMEs and retail businesses, while educating customers on the convenience, security and speed of QR-based payments. We are taking initiatives to convert our existing eligible MSME customers into Bangla QR Merchants, rigorous customer awareness campaigns and strengthening cybersecurity to build confidence in digital payment landscape. With over 1.1 million customers and a growing nationwide network, Prime Bank is well positioned to accelerate Bangla QR adoption. We believe that combining innovation, customer's digital literacy and strong collaboration with regulators and industry stakeholders will be key to creating a more inclusive, interoperable and less cash payment ecosystem in Bangladesh.
Q: What do you see as the biggest challenges in the successful rollout of Bangla QR? Are they related to technology, cybersecurity, customer awareness, merchant adoption, or regulatory issues?
Ans: Bangla QR has the potential to transform Bangladesh's digital payments ecosystem, but its successful rollout will depend on addressing several interconnected challenges. In my view, the biggest challenge is not technology itself, but achieving widespread customer and merchant adoption due to minimum cap of 1% MDR (Merchant Discount Rate) set by the regulatory authority recently. The infrastructure is increasingly available, yet sustained usage requires greater digital literacy, trust and a compelling value proposition for both consumers and businesses. Equally important is cybersecurity. As digital transactions grow, financial institutions must continue investing in robust security frameworks, real-time fraud monitoring, multi-factor authentication and customer awareness to safeguard against evolving cyber threats. Regulatory support and industry-wide collaboration are also critical to ensuring interoperability, standardization and a seamless user experience across banks and mobile financial service providers.
The success of Bangla QR will ultimately depend on a collective effort by banks, regulators, fintechs, merchants, and consumers. If we can build trust, strengthen cybersecurity, and encourage mass adoption, Bangla QR will become a cornerstone of Bangladesh's journey toward a more inclusive, efficient, and cashless digital economy.
Q: How can Bangla QR support small businesses, SMEs, and rural entrepreneurs? What role do you think it will play in promoting financial inclusion across Bangladesh?
Ans: Bangla QR can play a transformative role in empowering small businesses, SMEs and rural entrepreneurs by making digital payments simple, affordable and accessible. A single interoperable QR code enables merchants to accept payments from bank accounts, mobile financial services (MFS) and other payment platforms without investing in costly infrastructure. This reduces cash handling, improves transaction transparency and helps businesses build a digital financial footprint, making access to formal financial services and credit easier.
At Prime Bank, supporting SMEs and financial inclusion is a strategic priority. We serve more than 90,000 CMSME customers with a loan portfolio exceeding BDT 25 billion (2,500 crore), while our 174 agent banking outlets, around 70% of which are located in rural areas, help extend banking services to underserved communities. By implementing Bangla QR based instant payment facility into our MyPrime platform and expanding merchant acceptance, we aim to accelerate digital commerce across urban and rural Bangladesh. We believe Bangla QR will be a powerful driver of financial inclusion and digital payment adaption, enabling entrepreneurs to grow their businesses while contributing to a more connected and cashless economy.
Q: Where do you see Bangladesh's digital payment ecosystem will stand in the next five years with the introduction of Bangla QR? Do you believe it can become a key driver of a truly cashless economy?
Ans: Over the next five years, I believe Bangla QR will become a cornerstone of Bangladesh's digital payment ecosystem by creating a truly interoperable, secure and inclusive payment infrastructure. As more banks, mobile financial service providers, merchants and customers adopt a common QR standard, digital payments will become more convenient and widely accepted across retail, transport, healthcare, education and rural commerce. While a completely cashless economy will take time, Bangla QR can significantly accelerate Bangladesh's transition toward a cashless society.
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