Central Bank Aims for 10 Million Daily Digital Transactions Within the Current Fiscal Year
Expanding 'Bangla QR' Digital Payments to Reduce Extortion and Fake Currency Risks: BB Governor
- Bangladesh Bank and IFC host Bangla QR merchant workshop under the 'Cashless Digital Bangladesh' project.
- Over 2.4 million merchants currently utilize Bangla QR, processing BDT 50 crore across 200,000 daily transactions.
- Plans underway to provide affordable Android smartphones to feature phone users to boost financial inclusion.
8 August, Saturday: Expanding digital transactions via 'Bangla QR' can significantly mitigate risks associated with extortion, counterfeit currency, and physical cash transport, stated Bangladesh Bank Governor Md. Mostaqur Rahman. Speaking on the economic benefits of a cashless infrastructure, he highlighted that reducing cash dependency boosts business transparency and strengthens fiscal operations nationwide.
The Governor made these remarks as the chief guest during a workshop on Bangla QR transactions held at Radisson Blu, Chittagong. Organised under the 'Cashless Digital Bangladesh' project—a joint initiative by Bangladesh Bank and the International Finance Corporation (IFC)—the event brought together nearly 120 merchants, including 20 women entrepreneurs.
Governor Mostaqur Rahman revealed that the country currently logs around 10 million digital transactions monthly. However, the central bank has set an ambitious target to reach 10 million daily digital transactions within the ongoing fiscal year.
Addressing accessibility challenges, the Governor noted that around 60 million individuals in Bangladesh still rely on feature phones, leaving a large demographic excluded from app-based digital finance. To overcome this barrier, initiatives are underway to facilitate affordable Android smartphones for consumers. He added that the government incurs approximately BDT 20,000 crore annually just to print paper currency, an expense that can be substantially trimmed down by scaling up digital channels.
Speaking as a special guest, Deputy Governor Dr. Md. Kabir Ahammad shared that 2.4 million merchants across Bangladesh are currently integrated into the Bangla QR ecosystem, generating nearly 200,000 daily transactions valued at approximately BDT 50 crore.
Chaired by Md. Sirajul Islam, Executive Director of the Payment Systems Department at Bangladesh Bank, the event concluded with an interactive Q&A session where the Governor addressed merchant queries regarding cross-border transactions and service fee reductions.
//DBTech/DMO/SME//
