The universal digital payment system 'Bangla QR' has ushered in a new chapter in the country's digital transaction landscape. Following the launch of the 'One Country, One QR' policy, both the volume of transactions and the number of users through this medium have increased significantly. Within just a month and a half, the daily number of transactions has nearly doubled, and in financial terms, it has almost tripled, exceeding BDT 110 crore daily, further accelerating the nation's journey towards a cashless economy.
According to data published by Bangladesh Bank, in early July, an average of 178,000 transactions worth approximately BDT 37.33 crore were completed daily via Bangla QR. However, by last week, this scenario had completely changed. Daily transactions have now increased to approximately 303,000, with the total financial value of these transactions exceeding BDT 110.38 crore. This rapid growth highlights the public's trust and acceptance of the country's digital payment system.
From July 1st, all banks and financial institutions in the country were mandated to use the single 'Bangla QR' instead of their proprietary QR codes. Since this decision came into effect, transactions through the Bangla QR system have continuously increased. Concurrently, the number of merchants using Bangla QR has also surged. In early July, approximately 1.6 million merchants used this system, which has now grown to nearly 3 million, indicating a widespread expansion of digital transactions from small and medium-sized businesses to large enterprises across the country.
Currently, Bangla QR is primarily used for purchases in shops and various establishments. However, Bangladesh Bank has now taken the initiative to further expand the scope of this system. The central bank plans to introduce Bangla QR for person-to-person (P2P) money transfers, which will make everyday financial transactions for the general public even easier and faster.
Once this new system is launched, each individual will have a specific QR code. By scanning this code, money can be easily sent from a bank or Mobile Financial Services (MFS) account to any other bank or MFS account. This will make the process of transferring funds from bank-to-bank, MFS-to-MFS, and bank-to-MFS more seamless and hassle-free, removing a major barrier to digital transactions.
Bangladesh Bank has announced that preparations are in full swing to launch the Bangla QR-based person-to-person money transfer system by November 1st. To achieve this goal, relevant banks, financial institutions, Payment Service Providers (PSPs), Payment Systems Operators (PSOs), and Mobile Financial Services (MFS) providers have been instructed to take the necessary preparations. If successful, this will bring about a revolutionary change in the country's digital financial ecosystem.
Arif Hossain, Executive Director and Spokesperson for Bangladesh Bank, stated on the matter, "The initiative to strengthen Bangla QR has been taken with the aim of making cashless transactions easier and more user-friendly. We plan to launch these person-to-person transactions from November 1st." His remarks reflect the central bank's strong commitment to digitizing the country's financial system.
This expansion of Bangla QR is playing a crucial role in implementing the country's Digital Bangladesh policy. It is not only simplifying transactions but also helping to build a transparent and accountable financial system. Through this, the use of cash in the country's economy is being reduced, and digital transactions are being encouraged, which is essential for the nation's long-term economic growth and stability.
