Seventh Stop: Bangladesh
Contributed by Lim Jing Wei, Chief Fintech Officer
In this article, we will be sharing about payment systems and real-time payments for Bangladesh.
In early 2023, the Central Bank of Bangladesh introduced an exciting and innovative payment system aimed at revolutionizing the way financial transactions happen in the country. This system is part of Bangladesh Bank's "Cashless Bangladesh" initiative, and it's all about convenience and efficiency.
At the heart of this transformation is the use of QR codes. Now, what makes this initiative stand out is its interoperability. More than 15 banks have come together to make this a reality. This means that customers from a variety of banks can seamlessly make payments by simply scanning a QR code. No more hassles or limitations based on your bank; it's all about making payments easier for everyone.
This system is an evolution of Bangladesh's existing Bangla QR mobile payments service, which, until recently, was limited to customers of specific banks. In essence, if you had an account with a particular bank, you could only make QR code payments at merchants associated with that same bank.
The big upgrade by Bangladesh Bank now opens up the doors to limitless possibilities. Merchants can now accept payments from customers holding accounts at any participating bank or payment service provider. It's a game-changer for businesses and consumers alike.
This transformation wouldn't be possible without the collaboration of various banks and payment service providers. At its launch, ten leading banks, including Dutch-Bangla Bank, Mutual Trust Bank, AB Bank, and others, joined forces. International heavyweights like Mastercard, Visa, and American Express also came on board. Additionally, local mobile payment providers bKash, Rocket, and Islami Bank's mCash added their expertise to the mix.
Currently, the upgraded Bangla QR system is in a testing phase with around 1,200 small businesses in Dhaka. This testing phase is a precursor to a broader rollout of this groundbreaking system, promising greater convenience and accessibility for all.
But wait, there's more exciting news on the horizon. CYS Global Remit is thrilled to announce the upcoming launch of Real-Time payment services for Bangladeshi Taka (BDT) through our mobile application. This means individuals can send BDT to selected bank accounts in Bangladesh with an astonishingly swift turnaround time of within 10 minutes!
We encourage you to stay tuned for further updates and details on these game-changing developments. At CYS Global Remit, we're committed to enhancing our offerings continually to provide you with the best possible service.