Banks, MFS firms to face heavy fines if Bangla QR not implemented by June

Bangladesh Bank (BB) has mandated all banks and mobile financial service (MFS) providers to implement the central bank’s Bangla QR at all merchant points by June 30.

Existing proprietary QR codes must be removed, accoridng to a circular issued on Wednesday (April 1).

Failure to comply may result in fines up to Tk 30 lakh. Payment service providers (PSPs) and operators (PSOs) will also face the same penalties.

Under the Payment and Settlement Services Act 2024, violators may face fines, three years’ imprisonment, or both. Enforcement could involve magistrates from the National Consumer Rights Protection Directorate.

The directive requires merchant points to prominently display the Bangla QR. Institutions must ensure uninterrupted transactions through necessary technical coordination and interoperability. Merchants attempting cash-outs instead of using Bangla QR will have their QR privileges revoked immediately.

Awareness campaigns targeting customers and vendors have also been ordered.

Bangla QR, launched in 2023, aims to create a safe, cost-effective, and inclusive digital payment ecosystem. Customers will be able to make payments through any bank or MFS app using a single QR code, eliminating dependency on specific apps.

The government targets 75 per cent cashless transactions by 2027, making QR payment facilities mandatory for trade license issuance and renewal.