The Eid-ul-Azha, one of the greatest festivals of Muslim throughout the world, symbolises sacrifice, devotion, compassion, and solidarity. Celebrated to commemorate the attempt of Prophet Ibrahim (AS) to sacrifice his son Ismail (later a prophet) upon receiving orders from Almighty Allah, this occasion holds great spiritual and societal value. Apart from being a significant religious event, the Eid-ul-Azha is one of the greatest periods for economic activities for Bangladesh, involving trade in livestock, transportation, shopping, remittance inflow, and charity. Millions of Eid-related financial transactions took place during the celebration across the country.
There have been significant changes in how economic activities are performed by the people in recent times in Bangladesh as the country is going through a steady shift towards the cashless economy era and therefore, the Eid-ul-Azha is becoming one of the great examples of how digital transactions can make things easier. Starting from buying sacrificial animals to paying bus fares, purchasing clothes and accessories, transferring money as gifts, paying for charitable purposes, and settling business debts, everything is happening digitally, making the festival safer, faster, and more convenient than before.
A cashless economy takes on great significance in connection with Eid-ul-Azha, since the festival leads to a huge monetary transactional activity within a very short period of time. Generally, the transaction of cash was involved in cattle trading as well as Eid shopping, where people faced hazards like theft, robbery, use of fake notes, and other scams. Crowded markets for cattle, shopping complexes, bus stations, and launch terminals became the hub of many criminal activities due to the presence of huge amounts of cash. People continued to face these problems year after year.
All this is, however, undergoing a radical change with the advent of modern financial technology. In today's times, one can easily purchase sacrificial animals through the Internet, transfer money online to cattle traders, pay utilities, book train and bus tickets online, and even give zakat and donations without stepping out of the house. The development of online transactions goes beyond a technical revolution. It shows the transformation of the entire Eid experience into a smoother financial activity.
Security of transaction is one of the most significant advantages of digital payment methods while performing activities related to Eid-ul-Azha. During every Eid, millions of travellers make trips from city to rural areas or from one village or town to another to spend the festival with relatives. The biggest concern about such trips has always been keeping cash money safe for use during the trip. Criminal organisations often prey on passengers in bus stations or highways, where they perform activities related to Eid-ul-Azha.
Likewise, huge sums of money pass hands in cattle market transactions during the Eid period. It has been quite common for purchasers or sellers to carry huge bundles of cash for transactions. Snatching or counterfeit currency could often be issues. Cashless transactions are helpful in resolving these problems. Digital transactions through banking applications or mobile wallets help buyers and sellers perform transactions safely and transparently. The digital record of transactions also reduces disputes and enhances accountability.
With more people using online cattle markets to trade in their animals, digital payments gain momentum around Eid-ul-Azha. Shoppers can view and analyse livestock through photos or videos, browse products while at home, compare prices, and pay without visiting the market. In addition to saving precious time, it allows fewer crowds in the market place, resulting in enhanced security for shoppers. Even farmers from far-flung areas are benefiting from the ease of access created by digital means.
Apart from trading livestock, cashless transactions have been a boon for retailers. There is intense shopping activity before Eid as consumers buy new outfits, appliances, food, and other items. The process of shopping is becoming easier through quick cashless transactions, which help shoppers avoid handling cash. It helps merchants complete payments faster and improves transactional security.
Another key component of Eid-ul-Azha is zakat and charity offered to relatives, neighbours and less fortunate people. Digital means of making transactions are helping the process of giving charity become easier and faster. People now use digital channels for transferring funds directly to their loved ones and poor people residing in other regions of the country. NGOs and charity institutions are also using digital modes of transferring money for efficient donations.
The importance of swift transactions cannot be overlooked when it comes to Eid because the celebration requires swift economic transactions. Transactions related to buying livestock, booking flights, holiday shopping and unforeseen emergency costs of the family become extremely essential for completion before time. Swift transactions help make the entire process smoother, as money transactions happen instantly irrespective of geographical distance.
Bangladesh has achieved great strides in its journey to financial digitisation during the last decade. The fast growth in the number of smartphone users, along with the development of fintech and mobile internet infrastructure, have helped many previously unbanked people access the financial world. Digital finance has become an integral part of everyday life and Eid holidays often see record high amounts of transactions made via smartphones. In addition, the growing popularity of interoperable payment solutions and instant money transfers contributes to the development of Bangladesh's digital financial ecosystem.
But there are still hurdles in creating an entirely cashless Eid economy even amid all the developments. There are still gaps in digital literacy especially in the rural communities where people are not used to making transactions in any other form but cash. There are also some instances where connectivity issues and failures pose inconveniences, especially during busy financial times.
Efforts in overcoming such hurdles should come from multiple parties including financial organisations, mobile financial service providers, regulators and technological agencies. Public awareness programmes should be put in place to guide users on the proper practices when using their phones for transactions. Securing the cyber world and making sure there are no interruptions to internet connection during Eid times are also critical considerations.
The role of banks and digital financial service providers is particularly crucial in this transformation. By offering new ways of payment, ensuring better customer service and bringing service to their doorsteps, they are facilitating the process of bringing digital finance into all corners of Bangladesh.
Eid-ul-Azha revolves around religion, sacrifices, and human relationships. Though technology cannot substitute the religious elements, it definitely makes the event more convenient and safer for all those attending it. The use of cashless payment methods allows individuals to think of the spirit of the celebration rather than about any possible danger associated with handling real money.
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