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Ease of life with digital transactions

by endroar
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Just as money is flowing from Dhaka to the remote village of Sundarganj in Gaibandha, money is now flowing to Bangladesh from distant countries. People are shopping, paying bills; The organization receives that money and pays the employees of the organization. The entire process is done digitally—via bank cards, apps and mobile phones. The total amount of transactions in this system in a month is about 8 lakh crores.

Digital transactions are taking place across multiple systems—debit and credit cards; MFS like Vikas, Rocket, Cash; Internet Banking, App Transactions, Transfer of Funds in Digital System (Electronic Fund Transfer), Instant Transaction Completion or Real Time Gross Settlement etc. The use of apps and QR codes instead of cards is increasing day by day. Mobile phone is becoming a major medium of transaction.

Bangladesh Bank has also set a target of making 30 percent of all transactions in the country 'cashless', i.e. digitally, by 2025.


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