Bangla QR to reduce extortion, counterfeit note risks: Governor

The use of Bangla QR will help reduce the risks of extortion and counterfeit notes, as well as the risk of transporting cash, said Bangladesh Bank Governor Md Mostaqur Rahman.

He made these remarks as the chief guest at a workshop on Bangla QR transactions at the Radisson Blu Hotel in Chattogram on Saturday, August 8.

The workshop was organised as part of the 'Cashless Digital Bangladesh' project under a memorandum of understanding signed between Bangladesh Bank and the International Finance Corporation (IFC). Around 120 Bangla QR merchants, including 20 female merchants, participated in the event.

The governor said currently, one crore transactions are taking place per month in the country. Bangladesh Bank is working with a target of achieving one crore transactions per day within the current fiscal year.

He said six crore people currently use button phones. The lack of Android phones and internet access among them is seen as a major obstacle to increasing digital transactions. Necessary steps are being taken to supply Android phones to customers at low cost.

Md Mostaqur Rahman said if digital payments are ensured, businessmen will be able to reduce their dependence on employees in managing businesses. This will help stop extortion, reduce the risk of counterfeit notes and lower the risk of cash transportation.

He further said the government spends approximately Tk 20,000 crore annually on printing currency. If transactions can be increased through digital means, this expenditure can be saved.

Speaking as a special guest, Bangladesh Bank Deputy Governor Dr Md Kabir Ahmed said a digitally inclusive payment system is necessary to build a financially inclusive society. Bangla QR will play an important role in this regard.

He said currently, 24 lakh merchants in the country are using Bangla QR. Nearly two lakh transactions are taking place every day, with a financial volume of approximately Tk 50 crore. Digital transactions through Bangla QR will also play an important role in increasing the tax-to-GDP ratio.

IFC representative Hasan Shahriar said, "Our target was 20 lakh transactions per month. Currently, one crore transactions are taking place per month. We are receiving more response than our target. Our support for Bangladesh's digital transaction progress will continue."

The workshop, chaired by Payment Systems Division Executive Director Md Sirajul Islam of Bangladesh Bank's head office, was attended by Bangladesh Bank Chattogram Office Executive Director Md Hanif Mia and other concerned officials.

The workshop highlighted various aspects of Bangla QR usage, benefits, necessity and awareness. Three sessions were conducted by Additional Director Md Parvez Anjam Munir, Joint Director Jewel Majumder and Joint Director Mohammad Moeen Uddin of Bangladesh Bank's Payment Systems Division-1.

Later, the governor directly responded to merchants' questions on various issues, including Bangla QR usage experience, introduction of cross-border transaction systems and reducing transaction costs.

Also present at the event were Bangladesh Bank Chattogram Office Director (Administration) Swarup Kumar Chowdhury, Director (Inspection) Md Nurul Alam, Director (Banking) Yasmin Rahman Bula, Director (Foreign Exchange) Mahbubul Rahman, along with senior officials from Bangladesh Bank and the Bangla QR implementation unit.