Thursday, 23 March, 2023

Banks, MFS asked to go for BanglaQR

  • Staff Correspondent
  • 9 February, 2023 12:00 AM
  • Print news

Bangladesh Bank directed the commercial banks and mobile financial service providers (MFS) to replace all proprietary payments with BanglaQR, the uniform quick response (QR) code under the national payment switch.

The Payment System Department (PSD) of the central bank issued a circular on Wednesday.

“All organisations (bank/service providers) should replace proprietary payment code with BanglaQR by June 30 this year,” read the circular signed by PSD Director Motasem Billah.

The Bangladesh Bank withdrew the limit of payment through BanglaQR directing the banks and service providers to set up limits according to compliance guidelines of respective organisations.

In the third week of January, the central bank launched a campaign to promote cashless transactions through QR code at micro entrepreneurs’ level to reduce cash transactions amid inflationary pressure on the economy.