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 move towards Bangla QR in Bangladesh is timely and welcome.

Through the latest circular, the central bank has also cancelled its July 1 decision to set the minimum merchant discount rate (MDR) at 1 percent

Bangladesh Bank (BB) is working to increase digital transactions through Bangla QR to one crore a day by the end of the current fiscal year, BB Governor Md Mostaqur Rahman said yesterday.

Bangladesh’s transition to a digital economy is no longer a distant ambition. Mobile financial services, internet banking, e-commerce and instant payments are already changing how millions of people conduct everyday transactions. The introduction of Bangla QR is another important step towards a cash-lite, inclusive and interoperable payment system

The order will take effect immediately, according to a central bank circular issued today.

TakaPay expands to 17 banks while credit cards remain concentrated in cities, BB report shows

Non-compliant institutions may face fines of up to Tk 30 lakh, imprisonment for up to three years, or both

The services have received lukewarm responses from the targeted customers because they were launched hastily and lack user-friendly features and campaigns were not run to make them popular. Besides, there is no incentive and banks are unwilling, industry insiders said.

Just over half of banks have yet to start adopting Bangla QR in spite of instructions passed by Bangladesh Bank on boosting cashless transactions across the country by this year.