Bangladesh is undergoing an unprecedented transformation in the way it conducts its financial transactions. With the rapid digitisation of the economy, cashless transactions are becoming increasingly popular. Recent data from Bangladesh Bank (BB) states that more than BDT 3,000 crore is being transacted through mobile financial services (MFS). Even the use of plastic money has increased exponentially, as is evident by the 24% rise in credit card debt over previous years.
This shift towards cashless or digital payments is driven by several factors, including the government’s goal of becoming a “Digital Bangladesh,” the increasing availability of digital banking services, and the growth of mobile money and e-commerce platforms. The FinTech industry is venturing more and more into cashless payment and transaction integration systems. As a result, the number of cashless transactions in Bangladesh is rapidly growing, and the country is on track to become a leader in digital payments in the region. Nevertheless, some critical issues need to be addressed to transform the country into a cashless economy.
Md. Shah Jalal
Assistant Manager
IDLC Finance Limited
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