Bangla QR payments to reach merchants instantly from Oct 1

Bangladesh Bank (BB) has instructed banks, mobile financial service (MFS) providers, payment service providers (PSPs) and payment system operators (PSOs) to ensure instant credit of Bangla QR payments to merchants from October 1 this year.

The central bank issued the directive today to make digital transactions more popular and customer-friendly and encourage merchants to accept digital payments.

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Under the previous rules, financial institutions providing Bangla QR services determine the timeframe for crediting Bangla QR transaction proceeds to the accounts of merchants other than small and marginal merchants, taking into consideration customer relationships and other relevant risks.

From October 1, all payments made through Bangla QR must be credited immediately to the respective merchant accounts, according to the directive.

The previous instructions on this issue will be considered repealed from the same date.

The central bank also instructed banks, MFS providers and PSPs to display the Bangla QR payment icon, as prescribed, at the bottom-centre position of their mobile apps' home pages, near the users' thumb zone.

By October 31, the service providers must enable customers to make payments not only by scanning Bangla QR codes but also by uploading QR code images.

They must also enable all savings and current account holders, including cardholders, to make payments by scanning Bangla QR through their mobile apps by the same deadline.

The instructions were issued under Section 18(2) of the Payment and Settlement Systems Act, 2024.