Digital banking transactions see steady growth

FE Team | Published: January 06, 2025 23:04:58

Transactions through digital and paperless banking system are gradually increasing in the country, with an expansion of the prevalence of ATMs, POS terminals and CRMs, reports BSS.
Despite the challenges posed by the July-August uprising of 2024, transactions through Automated Teller Machine (ATM), Points of Sale (POS), Cash Deposit Machine (CDM) and Cash Recycling Machine (CRM) in urban and rural areas have witnessed an upward trend.
According to data from the Bangladesh Bank (BB), the number of the ATM booths increased to 13,021 in October 2024, up from 13,016 in the previous month.
And the volume of ATM transactions exceeded Tk 212.50 billion in October, compared to Tk 202.66 billion in the previous month. This reflects a 4.86-percent increase in transaction volume for the month.
The number of ATM booths in rural areas till October was 3,896, which is nearly 30 per cent of the total 13,021 booths across the country.
In October, transactions conducted through CRM installed by banks in the country increased by more than 11.80 per cent, reaching Tk 147.25 billion, compared to over Tk 131.71 billion recorded in September.
This CRM offer clients with convenient options for instant money deposition, withdrawal and transfers.
The data shows that the cash transfer at the POS of the banks and financial institutions also increased to Tk 2.22 billion in October, reaching Tk 31.86 billion, compared to over Tk 29.64 billion recorded in September.
POS is a system which is operated by a machine in the shops to tap the banks or financial institutions' debit or credit card for transferring money to make payment for shopping.
The data shows that the cash transfer through e-commerce also increased to Tk 1.05 billion in October, reaching Tk 19.73 billion, compared to over Tk 18.68 billion recorded in September.
The data also shows that total cash transactions through ATM, POS, CRM and e-commerce stood at Tk 411.35 billion in October, compared to over Tk 382.70 billion recorded in September.
According to the BB data, the number of CDM in the country decreased to 204 in October from 214 in September.
Abdul Quaium Chowdhury, Deputy Managing Director of Premier Bank PLC, said the Bangladesh economy has reached an inflection point in digital finance, with the adoption of mobile financial services and digitalisation of banking facilities in the country.
"The Premier Bank is committed to fostering financial inclusion and catalyzing the transition towards a digitally enabled economy in Bangladesh," he added.