Bangla QR transactions double after mandatory rollout

Transactions through Bangla QR -- the country’s interoperable national payment standard -- have nearly doubled since the system became mandatory for merchants on July 1, Bangladesh Bank (BB) said.

The value of transactions has almost tripled during the period, according to data released by the central bank yesterday.

Tap here to add The Daily Star as a trusted source

Daily transactions averaged 1.78 lakh, worth about Tk 37.33 crore, at the beginning of July.

By last week, the daily average had climbed to 3 lakh transactions, with the value reaching Tk 110 crore, BB said. The merchant base has also expanded to more than 30 lakh during this period, from about 16 lakh on July 1.

Private commercial banks, alongside state-owned banks, have driven much of the expansion, the data shows.

The government made Bangla QR mandatory for proprietorship businesses from July 1, replacing the previous QR payment system.

Bangla QR is a common QR code standard that allows customers of different banks, mobile financial service (MFS) providers and payment service providers to make digital payments through a single platform.

Customers using services such as bKash, Nagad or bank apps can make payments by scanning the same Bangla QR code.