Dhaka, July 2 — On Wednesday, Md Mostaqur Rahman, governor of the Bangladesh Bank, formally launched operations utilizing Bangla QR, representing a significant move towards achieving a cash-free society and establishing an entirely compatible digital transaction system.
He initiated the program by making a purchase using the integrated QR code at a bKash business location in Motijheel, the central area of commerce in the capital city.
Beginning from Wednesday, the central bank has enforced the use of "Bangla QR" for all businesses throughout the nation.
A CSE team meets with the head of BB, talks about enhancing the stock exchange market
The standardized code removes the current complication that requires retailers to show several distinct QR codes for various Mobile Financial Services such as bKash, Nagad, Rocket, and numerous bank institutions.
With the updated compatible system, one QR code label located at a retailer’s location will enable shoppers to scan and make payments through any banking app, MFS, or payment service provider (PSP) they prefer.
Senior central banking representatives referred to this step as the most significant achievement so far in attaining financial compatibility, with the intention of integrating minor and informal merchants—like roadside tea shops, convenience stores, and food stall sellers—into the official monetary system without requiring costly point-of-sale (POS) devices.
As stated by Bangladesh Bank, the highest fee for transactions under this updated standard system is limited to TK 11.50 for every TK 1,000, positioning it as very competitive compared to current digital payment methods.
Economists and central bank representatives anticipate that transitioning toward a cashless society could greatly lower the substantial expenses linked to producing, moving, and handling physical money, which now causes around Tk 20,000 crore to be lost each year from government funds. This shift is also anticipated to limit tax avoidance, bring unregulated cash-based sectors into the official economic framework, and decrease monetary deception as all dealings occur via protected mobile banking applications.
On April 1st, the central bank released an order requiring all banks, MFS service providers, and Payment System Operators (PSOs) to switch their personal merchant QR codes to "Bangla QR" by June 30. The central bank has cautioned that entities not following this instruction could be fined as much as Tk 30 lakh.
Although the initial phase of implementing field-level measures encountered delays on day one because some retail traders lacked knowledge and proper guidance, representatives from Bangladesh Bank mentioned that the landscape of digital payments will quickly change as awareness initiatives and regulatory oversight increase.