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Bangla QR-based person-to-person (P2P) transactions will be introduced from November, allowing customers to transfer money interoperably by scanning another customer’s Bangla QR code or uploading an image of the code through a mobile app.
Bangladesh Bank Executive Director and Spokesperson Arief Hossain Khan disclosed the information at a press briefing at the central bank headquarters in Dhaka’s Motijheel on Wednesday.
“Bangla QR is a government initiative. Some think their business will decline with the expansion of Bangla QR. In reality, they are living in a fool’s paradise. Those who do not remain with Bangla QR will not have an existence,” he said.
He said mobile financial service (MFS) providers were concerned that their businesses could suffer as banks expand the use of QR codes. However, he noted that both MFS providers and banks have their own limitations.
Currently, customers of banks and MFS providers can use their mobile apps to scan Bangla QR codes and make payments at nearly 3.9 million merchants across the country, according to the central bank spokesperson.
Bangladesh Bank data show that an average of around 100,000 Bangla QR payments were made daily in June, with the average daily transaction value exceeding Tk28 crore.
The figure has now risen to around 350,000 transactions a day, with the average daily transaction value reaching approximately Tk143.54 crore.
The data indicate that within 90 days from July 1, the average number of Bangla QR transactions increased about three-and-a-half times, while their total value rose nearly fivefold.