A new milestone is coming in the digital financial ecosystem of Bangladesh. Its journey began in 2021. At that time, Bangladesh Bank prepared the framework of Bangla QR under the title "National QR Code Standard for Retail Payments in Bangladesh" to make QR code-based transactions interoperable and formulated Guidelines for 'Bangla QR' Code Based Payments to introduce and popularise Bangla QR-based transactions within the country. And now the new milestone is peer-to-peer (P2P) fund transfer using Bangla QR. Bangladesh Bank is set to introduce an interoperable Bangla QR standard that will enable seamless peer-to-peer (P2P) fund transfers simply by scanning the beneficiary's QR code.
Bangladesh already hosts a vast digital financial footprint, with around 140 million current and savings accounts in banks and nearly 240 million mobile wallets across Mobile Financial Service (MFS) providers. According to Bangladesh Bank data as of January 2026, Bangla QR Payments account for 49 per cent of total QR transactions through internet banking and their number has more than doubled in the previous six months. On the other hand, Bangla QR Payments account for only 6 per cent of total QR transactions in merchant payments through MFS and their number has increased by more than one and half times in the previous six months.
At the moment, Bangla QR just requires a merchant to use a QR code, which clients can scan to make a payment using an MFS app or any partner bank. But under the new initiative, a Bangla QR will be issued against each bank account and wallet, allowing individuals to send money instantly without the need to manually enter account numbers or wallet IDs. This capability is made possible through the interoperability infrastructure established by the National Payment Switch of Bangladesh (NPSB), which connects banks, Mobile Financial Service providers, and Payment Service Providers (PSPs) within a unified payment network.
The introduction of Bangla QR for P2P transfer can significantly reshape the payment landscape by its Simplicity and Convenience, Error Reduction, Speed and Efficiency, Financial Inclusion and Cost-Effectiveness. Bangla QR allows users to send money by scanning a QR code, removing the need to input account numbers or wallet IDs manually. Being scan-based, it will make P2P transfers easier and allow users to make smoother transactions, providing them with a hassle-free payment experience. Manual entry often leads to errors. QR-based transactions significantly reduce such risks, ensuring accurate fund transfers. Transactions are processed instantly, enhancing user experience and promoting digital payments It will expand interoperability across the entire regulated financial ecosystem as well as accelerate digital financial inclusion for millions of users. As Bangla QR makes digital payments easier, it will enable and encourage more people, especially those in rural areas, to participate in the formal financial system. Bangla QR's P2P Transfer will be more cost-effective i.e., the transaction costs will be reduced for both service providers and users due to the reduction in operational complexities.
The government and Bangladesh Bank have taken various initiatives to gradually make the country's payment system cashless, digital and inclusive in order to reduce the use of cash and bring the benefits of digital transactions to the marginalised consumers. Payment through Bangla QR is one such initiative. In addition, Bangladesh Bank has taken the initiative to establish 'Cashless Bangladesh Unit' at banks, mobile financial service providers (MFS), payment service providers (PSP), payment system operators (PSO). And the scheduled banks, MFS, PSP and PSO (WLMA) have already been instructed to mandatorily replace their proprietary QRs with 'Bangla QR' at all their merchant points by June 30, 2026. Therefore, through Bangla QR's P2P transfer, Bangladesh will take another step towards a frictionless, inclusive and interoperable payment ecosystem, with every bank account and wallet connected by a universal QR code.
A. S. M. Ahsan Habib is a banker and Certified Digital Finance Practitioner (CDFP).
ahabib46@gmail.com
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