Tk 1,500 crore transacted through Bangla QR, digital payments on the rise

People are increasingly shifting from cash to digital transactions. Since July 1, approximately Tk 1,500 crore has been transacted through Bangla QR in nearly 56 lakh transactions. This clearly reflects a rapid change in people's daily transaction habits and growing interest in digital payments.

A senior official of Bangladesh Bank told BSS that transactions through Bangla QR have been rising since the unified and universal Bangla QR system was made mandatory across the country from July 1. In just one week from August 2 to August 8, nearly 17 lakh transactions worth approximately Tk 487 crore were made through Bangla QR. During this period, an average of nearly 2.40 lakh transactions were made daily, with the average transaction value being approximately Tk 2,865.

Bangla QR is a single QR code that customers can scan using participating banks' and mobile financial services' apps to make payments. This eliminates the need for separate QR codes for different service providers at a shop or business establishment, making digital payments easier for both merchants and customers.

Bangladesh Bank has long been encouraging people to use digital payments for daily purchases and other transactions to reduce dependency on cash. Governor Md Mostakur Rahman has also emphasised increasing the use of Bangla QR. According to him, digital payments can play a key role in moving towards a safer and less cash-dependent economy.

During his official visit to Chattogram on August 7-8, the Governor participated in a Bangla QR promotional campaign, urging businessmen and customers to increase the use of digital payments. He said Bangladesh Bank is working to build a safe, easy, low-cost and accessible cashless transaction system by increasing the use of Bangla QR.

Bangladesh Bank made the use of universal Bangla QR codes mandatory across the country from July 1, requiring merchant points and shops to accept digital payments from customers through a single, unified QR code. Customers can make these payments through participating banks and mobile financial services.

Stakeholders believe the rapid growth in transactions after the mandatory introduction of Bangla QR indicates that the single QR-based digital payment system is quickly gaining popularity among both merchants and customers. This could play a significant role in Bangladesh's journey towards a more inclusive digital economy by reducing cash usage.