To establish the dream of “CASHLESS BANGLADESH” and creating “SMART BANGLADESH” for all Bangladesh Bank initiates Cashless payment system through using ‘BANGLA QR’ which begins on 19, January 2023 in a grand ceremony on Motijheel. This payment service inaugurated on the presence of BB deputy governor, and chairperson of banks who are presently participating in this campaign along with nearly 1200 merchants.
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Through this service now anyone can purchase any goods and services from any merchants if you have an app in your mobile using Bangla QR. Bangla QR is an interoperable code-based payment acceptance solution. In the past, some banks and MFS providers used QR (Quick Response) code-based transactions within their customers, but this was not universal. In order to make this universal, Bangladesh Bank has taken this initiative. Currently, 10 banks, 3 MFSs, and 3 international payment systems participate in this project. In this “CASHLESS BANGLADESH” project, all banks, MFSs, and PMSs will be added over time.
Features unveiled through “CASHLESS BANGLADESH”.
- Bearing cash is no longer needed.
- Faster and easier payment.
- Purchase is become more easier for the customer as well as for the vendor.
- Risk of fake or torn note will be decreased.
- All type of merchant i.e. road side merchants to merchants of a largest shopping complex can use this service.
- Low-cost facility. In those days people are using debit or credit card for transaction through POS (Point of Sale) machine which was not affordable or easy to access for all. ‘BANGLA QR’ will minimize cost as well as ease the access.
- You can use your debit or credit card for payment which is tagged with your Bank/MFS/PSP app and also through Bank/MFS wallet.
- Merchant doesn’t have face the hazards of daily cash sorting at close of the day.
Process of QR Payment
- First of all, you to download and register with your Bank/MFS/PSP app.
- Then log on to your Bank/MFS/PSP app with required user credentials.
- Then scan the QR code displayed by the merchant.
- Type the amount that you purchased or have to pay.
- Then it requires your PIN for completing your transaction. Give your PIN.
- Now your transaction will be completed. After successful completion of a transaction, you will get a confirmation message and a digital receipt.
Connected Banks and other Institutions:
- Pubali Bank Limited
- Dutch Bangla Bank Limited.
- Mutual Trust Bank Limited.
- AB Bank Limited
- Eastern Bank Limited
- Islami Bank Bangladesh Limited
- United Commercial Bank Limited
- City Bank Limited
- Bank Asia Limited
- One Bank Limted
Card services institutions Mastercard, VISA, and American Express (Amex) and mobile financial services (MFS) Bkash, Mcash, Rocket.
Through the “CASHLESS BANGLADESH” project, labor dependent floating entrepreneurs such as vegetable sellers, cobblers, jhalmuri sellers, and fish traders now have the opportunity to open retail accounts to provide their services.