Cashless Bangladesh

The concept of Cashless Bangladesh has recently become more prominent due to Covid-19 pandemic. Bangladesh Bank announced the use of universal Bangla QR (Quick Response) code back in 11th March 2019 for every citizen to make cashless transaction. bKash, Rocket, and Nagad are the most popular mobile banking apps. Besides there are debit and credit cards, and the Points of Sale (POS). The benefits of cashless Bangladesh include increased efficiency and convenience for consumers, as well as reduced costs for businesses. Challenges include to increase the number of people who have access to electronic payment methods, particularly in rural areas and concerns about the security and privacy of electronic payments is in place to protect consumers. The Bangladesh Bank has launched ‘Cashless Bangladesh, Smart Bangladesh’ campaign from Motijheel to bring small / micro merchants to take payment through Bangla QR code has started with an initial engagement of 1,200 merchants, on 18th January 2023. Ten banks, three mobile financial services (MFS) providers, and three card-based payment service providers (PSP) are taking part in it. Although it is true that becoming a truly cashless society is still an unachievable reality for our country, as a large portion of our population relies on cash transactions, if a proper plan is considered to accommodate the needs of cash-dependent individuals from the get-go, we will be able to ensure that our futuristic goals do not discourage the financial inclusion that we’re also working towards. The government of Bangladesh is aiming to build a completely digital paperless office and build cashless society by 2041 with a view to ensure transparency and accountability.