Facility to send money via Bangla QR is now available for individuals as well

Bangla Press Desk: A new feature has been added to the country’s digital transaction system. Individuals can now send money to one another by scanning a 'Bangla QR' code. Previously, Bangla QR codes were primarily used for payments to business establishments for goods and services; now, this functionality has been extended to person-to-person (P2P) transactions.

The system was officially launched on Sunday (November 1). With this, there is no longer a need to manually type in a recipient's mobile number or bank account number. Transactions can be completed easily by scanning the recipient's Bangla QR code and verifying the necessary details.

Officials from Bangladesh Bank stated that this feature was introduced to reduce reliance on cash for daily transactions and to promote the use of digital payments. Under this new system, an individual can send money by using their own bank or financial service app to scan another person's QR code.

The central bank had previously instructed all banks, Mobile Financial Service (MFS) providers, Payment Service Providers (PSPs), and Payment System Operators (PSOs) in the country to integrate this feature into their respective mobile apps by October 31.

Bangladesh Bank officials expect that the introduction of Bangla QR for P2P transactions will make the country's payment system more accessible, inclusive, and dynamic. It will also expand the scope of cashless transactions and create opportunities to increase the use of digital payments for small-scale, personal financial transactions.

In 2023, Bangladesh Bank launched a unified, QR-based payment system designed to make transactions more transparent, secure, cost-effective, and efficient. This system enables transactions across various banks and financial institutions using a standardized QR code.

The central bank has set a target to ensure that 75 percent of all transactions in the country are cashless by 2027. The expansion of the 'Bangla QR' system is viewed as a key initiative toward achieving this goal.

As part of this, the option to make payments via QR code has been made mandatory for the issuance and renewal of trade licenses across the country. Furthermore, all banks, MFS (Mobile Financial Service) providers, PSPs (Payment Service Providers), and PSOs (Payment System Operators) were instructed to implement 'Bangla QR' at business establishments—replacing the proprietary QR codes previously in use—by June 30 of this year.

According to experts, the introduction of this facility for individuals creates an opportunity to further broaden the adoption of digital transactions. However, to enhance the effectiveness of this system, it will be crucial to ensure the feature is integrated into the apps of all financial institutions, raise customer awareness, and strengthen the security of transactions.