BB governor orders all banks to launch Bangla QR by Jun
Bangladesh Bank Governor Mostakur Rahman has directed all banks in the country to launch ‘Bangla QR’ (QR) apps by June this year to expand digital transactions and increase revenue.
He made the directive at a view-exchange meeting with business editors of electronic media at Bangladesh Bank on Wednesday.
The governor said that political influence has acted as a major obstacle in ensuring good governance in the banking sector in the past.
He also warned that no opportunity will be given to spread any kind of political influence in the banking sector in the future.
He also said that banks will have to strictly scrutinize and select projects to reduce defaulted loans. At the same time, banks have been instructed to be more careful in distributing risky loans.
Bangladesh Bank said that ‘Bangla QR’ is the country’s national QR-based payment system, which is approved by the central bank.
In this system, digital payments can be easily made through the bank’s app by scanning the QR code with a smartphone.
It does not require touching cash or cards, so it is considered a contactless and secure transaction method.
All types of retailers, including small, medium and large entrepreneurs, restaurants, grocery stores, etc, can accept payments through this system.
Similarly, customers from all classes of low, middle, and high-income groups can easily make digital payments.
Customers can make payments by scanning the QR using Visa cards of banks that have added ‘Bangla QR’ to their mobile apps and have been recognized by Visa.
Entrepreneurs or shopkeepers will not need any additional machines or equipment to use Bangla QR.
As soon as the payment is completed, a confirmation message will be sent to the shopkeeper’s mobile phone via SMS.
In addition, shopkeepers can view daily transaction accounts through the merchant app.
Various other benefits including digital ledger, sale of various services and payment to suppliers or wholesalers can be available in the same app.
