Bangla QR Boost: Nationwide Digital Payments Push from July
The Governor of Bangladesh Bank has announced that the use of Bangla QR codes will be made mandatory across all types of business establishments in the country starting from July.
He disclosed this on 12 May, Tuesday, at a hotel in the capital during the inaugural fund announcement ceremony of the Bangladesh Startup Investment Company. The Governor said that the central bank is implementing this initiative to make digital transactions easier, safer, and more inclusive.
He explained that Bangla QR is a universal and interoperable digital payment platform approved by Bangladesh Bank. Through this system, payments can be made by scanning a single QR code using any bank app or mobile financial service. As a result, customers of different banks or mobile financial services will be able to conduct transactions on the same platform.
The Governor said that the same Bangla QR can be used in all types of business establishments—from small shops to large shopping malls. This will eliminate the need for merchants to use separate payment gateways or QR codes. Customers can complete payments instantly by scanning the code with a smartphone, and automatic notifications will be received. Additionally, daily transaction records will be digitally preserved.
He further stated that any business establishment with a savings, current, or SND account in any bank will be eligible to use the Bangla QR facility. To avail of this service, businesses must apply by submitting bank account and business information. The QR code will be prepared within three to four days of application submission, and customers will be notified via SMS or email.
Under the Bangla QR system, transactions of up to Tk 10 lakh per month will require a photocopy of the National Identity Card and a passport-sized photograph. For transactions exceeding this amount, a TIN certificate and TIN return slip must also be submitted.
It was also announced at the event that a new venture capital platform titled Bangladesh Startup Investment Company has been launched to increase investment in technology-driven entrepreneurs and startups. With the participation of 39 commercial banks, the fund has been formed with a capital of Tk 425 crore, sourced from one percent of the banks’ profits.
At the event, the Chairman of Bangladesh Small and Cottage Industries Corporation (BSIC) said that not only technology-based startups but also small and medium entrepreneurs will come under this venture capital facility.
Meanwhile, the central bank has stated that, in addition to the Tk 425 crore investment by banks, an additional Tk 500 crore refinancing facility will be provided to the venture capital sector. Stakeholders say that this coordinated initiative in digital payment infrastructure and startup financing will accelerate the country’s transition toward a cashless economy.
DBTech/NA/EK/OR
