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Bangladesh Bank has taken an initiative to provide financial incentives to encourage wider use of Bangla QR code-based transactions, particularly among small and marginal merchants and service providers.
Under the new arrangement, incentives will be available for both merchants accepting payments through Bangla QR and customers purchasing goods or services through the system.
The central bank’s Payment Systems Department issued the directive on Sunday (Sept 27) to mobile financial service (MFS) providers, payment service providers (PSPs), payment system operators (PSOs) and relevant international payment schemes.
According to the directive, a specific provision of the earlier PSD-2 circular has been replaced to encourage the public to make greater use of Bangla QR-based transactions. The revised provision introduces financial incentives to boost transaction volumes.
Under the new arrangement, for each Bangla QR transaction of up to Tk2,000 carried out by small and marginal merchants and service providers onboarded through personal retail accounts, a one-time monthly incentive will be provided.
The acquiring institution will receive an incentive equivalent to 0.50% of the eligible transaction amount, while the issuing institution will receive 0.20%.
The incentive structure is intended to encourage wider participation in Bangla QR payments by both merchants and customers, with different rates applicable according to the role of the respective institutions in the transaction.
Bangladesh Bank said all other terms and conditions of the previous circular would remain unchanged. The latest directive therefore modifies only the provision relating to incentives, while the other existing rules will continue to apply.
The initiative is aimed at making Bangla QR payments more widely accepted and encouraging small and marginal businesses and service providers to join the digital payment ecosystem.
Bangla QR is a standardised QR-based payment system that can be used through participating banks and financial service providers in Bangladesh. Customers can make digital payments by scanning a merchant’s QR code using a compatible banking or payment application.
The new incentive structure could help increase the use of Bangla QR, particularly for small-value transactions, by creating additional incentives for merchants and customers to adopt digital payments.
Bangladesh Bank has instructed all relevant banks, MFS providers, PSPs, PSOs and international payment schemes to comply with the directive.
