digital payments
Women's hand uses a mobile phone application to scan QR codes in stores that accept digital payments without money and plastic tags on the table. QR code payment and cash technology concept

The authorities should make sure that there is no further delay in formulating the framework necessary to implement this

It is a good indicator of the continuous growth of Bangladesh’s digital payment landscape that debit card transactions are reaching record numbers. It shows the promise as well as the urgency for a more developed ecosystem.

According to the central bank data, debit card transactions reached an all-time high in September of this year. This is both an indication that banking service is reaching more people than ever, and also that bank cards are being adopted increasingly.

It is an inspiring development, showing that the vision of Digital Bangladesh is getting clearer with each small achievement. But a lot more needs to be done to realize the vision.

A substantial number of the population are still unable to get the benefits of traditional brick and mortar banking. The branching system by the banks seems to have reached its furthest potential. But the government should still continue to make banking easier, as it has done through e-KYC, enabling greater financial inclusion.

However, interoperability remains an issue still. Industry insiders and experts have repeatedly called for interoperability. Indeed, a digital payment ecosystem is hardly complete without functioning interoperability. The immense possibilities created by mobile financial services (MFS), for instance, had been facing obstacles because of a lack of higher interoperability.

Thankfully, the government has promised recently to finally create the policy support necessary to allow for greater interoperability. Seeing that this will be a game-changer, the authorities should make sure that there is no further delay in formulating the framework necessary to implement this.

Previous articleSalah spoils Gerrard’s return to Liverpool
Next articleG7 warns Russia of ‘massive consequences’ if Ukraine attacked

LEAVE A REPLY

Please enter your comment!
Please enter your name here