Bangla QR Transactions Surge Threefold

The adoption of the universal digital payment system 'Bangla QR' is growing rapidly across the country. Following the implementation of the 'One Nation, One QR' policy, transaction volumes through this channel have increased significantly. Within a span of one and a half months, daily transaction numbers nearly doubled, and financial volume expanded nearly threefold.

According to Bangladesh Bank data, at the beginning of July, an average of 178,000 transactions occurred daily via Bangla QR, totaling BDT 37.33 crore. By last week, daily transactions climbed to an average of 303,000, with total financial volume reaching BDT 110.38 crore.

The mandatory transition from proprietary QR codes of individual banks and financial institutions to a unified 'Bangla QR' came into force on July 1. Since then, transactions have surged alongside the merchant base. The number of Bangla QR merchants grew from approximately 1.6 million in early July to around 3.0 million currently.

While Bangla QR is currently predominantly used for retail merchant purchases, Bangladesh Bank has initiated steps to extend this system to Person-to-Person (P2P) fund transfers. Under the new framework, each individual will be assigned a unique QR code. Scanning this code will enable seamless money transfers between bank accounts and Mobile Financial Services (MFS).

Bangladesh Bank stated that preparations are underway to launch the P2P Bangla QR transfer system by November 1. Relevant banks, financial institutions, PSPs, PSOs, and MFS providers have been instructed to complete technical arrangements.

Arif Hossain, Executive Director and Spokesperson of Bangladesh Bank, stated, "Initiatives have been taken to make Bangla QR simpler and more user-friendly to boost cashless transactions. We plan to launch person-to-person transactions from November 1." 
//DBTech/BTO/SME//