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Bangladesh Bank Governor Md Mostaqur Rahman on Wednesday officially inaugurated transactions using Bangla QR, marking a unified step toward a cashless society and a fully interoperable digital payment ecosystem.
He launched the initiative by completing a transaction via the unified QR code at a bKash merchant outlet in Motijheel, the capital's commercial hub.
Starting on Wednesday, the central bank has made the implementation of “Bangla QR” mandatory for all businesses across the country.
The unified code eliminates the prevailing complexity where merchants have to display multiple separate QR codes for different Mobile Financial Services (MFS) like bKash, Nagad, Rocket, and various commercial banks.
Under the new interoperable system, a single QR code sticker at a merchant point will allow customers to scan and pay using any bank, MFS, or Payment Service Provider (PSP) application of their choice.
Central bank officials described the move as the largest milestone yet in achieving financial interoperability, specifically aimed at bringing small and marginal traders – such as street-side tea stalls, grocery stores, and kitchen market vendors – into the formal financial fold without the need for expensive Point of Sale (POS) machines.
According to Bangladesh Bank, the maximum transaction charge under this new uniform setup has been capped at Tk 11.50 per Tk 1,000, making it highly competitive with existing digital transaction channels.
Economists and central bank officials expect that driving a cashless economy will significantly cut down the massive costs associated with printing, transporting, and managing paper currency, which currently drains approximately Tk 20,000 crore annually from the state coffer. The move is also expected to curb tax evasion, formalise informal cash economies, and reduce financial fraud since transactions take place directly through secure banking apps.
Earlier on April 1, the central bank issued a directive instructing all banks, MFS providers, and Payment System Operators (PSOs) to replace their individual merchant QR codes with “Bangla QR” by June 30. The central bank has warned that non-compliant institutions face penalties of up to Tk 30 lakh for failing to adhere to the directive.
While field-level implementation faced a slow start on day 1 due to a lack of awareness and missing field training among some retail merchants, Bangladesh Bank officials stated that digital payment dynamics will rapidly transform as awareness campaigns and regulatory monitoring intensify.
