Bangla QR reaches 3.9m merchants nationwide

Bangla QR has been rolled out at nearly 3.9 million merchant points across Bangladesh, with daily transactions climbing to around Tk 143.54 crore, as the central bank strives to render digital payments faster, cheaper and more accessible, spokesperson Arief Hossain Khan disclosed on Wednesday.

Addressing a press conference, the Bangladesh Bank executive director said that the number of daily transactions had risen 3.5 times over the past 90 days, while their value had increased almost fivefold. Moreover, the central bank has introduced several measures to encourage wider adoption of the system. From October 1, merchants will receive payment proceeds instantly upon completing QR transactions, the minimum 1% merchant discount rate will be abolished, and the interchange reimbursement fee for issuers will be set at zero. Consequently, these steps are expected to reduce transaction costs and enable banks and mobile financial service providers to offer QR payments free of charge or at nominal rates.

Meanwhile, person-to-person transfers via Bangla QR will be introduced from November 1, allowing customers to send money by scanning another person's QR code or uploading a saved QR image through participating apps. Furthermore, Bangladesh Bank will provide incentives for eligible QR payments of up to Tk 2,000 routed through the National Payment Switch Bangladesh.

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In addition, failed transactions will be subject to prompt refund mechanisms under the central bank's dispute-resolution guidelines, a safeguard designed to bolster public confidence in the system. Nevertheless, the long-term success of the initiative will depend on whether banks and service providers actually pass on the reduced costs to merchants and consumers.