‘Bangladesh moves to be cashless society’

Staff Correspondent

12 February, 2018 12:00 AM printer

Association of Bankers, Bangladesh (ABB) President Syed Mahbubur Rahman on Sunday said that the country is moving towards a cashless society as around 52 percent of bank cards are maintaining international standard of EVM.

EMV stands for Europay, MasterCard, and Visa are global standards for inter-operation of integrated chip cards, which are used at POS terminals and ATMs for authenticating credit and debit card transactions.

“Payment gateways Visa and Mastercard have been leading the digital payment sector globally. Bangladeshi banks have adopted the secured platform to inspire customers using online payments,” Syed Mahbubur said while addressing a function at Westin Dhaka on Sunday There were sixteen banks initiated the campaign styled Roman ‘Holiday with Mastercard’ to promote digital payment on internet platform.

The banks are AB Bank, Al-Arafah Bank, Brac Bank, Bank Asia, Eastern Bank Limited, Dutch Bangla Bank, Mutual Trust Bank, National Bank, Prime Bank, Premier Bank, Pubali Bank, The City Bank, United Commercial Bank, Southeast Bank, Standard Chartered Bank and Lankabangla Finance.

“ Mastercard plays a key role in promoting the use of digital payments in cross-border transactions and expanding the industry through customer awareness.” Syed Mahbubur Rahman, Managing Director of Dhaka Bank, added.

This campaign was aimed at encouraging cardholders to engage in cross-border transactions throughout the winter season according to the officials.

 The organizers informed that 30 percent banks have Online Payment Gateway Service for e-commerce payment processing. As of December 31 last year, 928 online shop owners and merchants are selling products using bank's payment gateways.

 Mastercard Bangladesh Country Manager Syed Mohammad Kamal said the campaign has been designed to encourage cardholders to engage in electronic payments by rewarding those with the highest number of transactions. During the campaign period, which lasted from 16 November 2017 to 15th January, 2018, all cardholders earned points by using their Mastercard-branded debit, credit and prepaid cards for any overseas retail transaction of USD20 and any local retail or online transaction of BDT 1,000 or above.