Transactions made through Bangla QR will carry no fees or extra charges as Finance and Planning Minister Amir Khosru Mahmud Chowdhury said on Thursday.
He made the announcement while inaugurating QR-based shopping at Banani Kitchen Market in Dhaka according to a finance ministry statement. The government wants to expand cashless payments across the economy, he said.
"Any transaction made through a QR code will be completely free of charge" the minister said.
The government plans to bring small traders and informal workers into the system including fuchka sellers, rickshaw pullers and roadside vendors. Under the system also they can receive money directly into an account with any bank or payment service provider by scanning a QR code. This will reduce the need to carry cash and make payments faster and easier, the minister said.
He admitted there could be minor technical problems in the early stage but said they could be fixed quickly. He pointed to the success of cashless payments in many developed and fast-growing economies and said Bangladesh Bank is working to make the practice available across the country.
Bangladesh Bank made Bangla QR mandatory for merchants from July 1. Businesses must now replace their old QR codes with Bangla QR and display the new code for payments. Mobile financial services such as bKash have already switched over.
Use of the system has grown since then. Transactions have nearly doubled since it became mandatory and about Tk.1.1 billion is now transacted through Bangla QR every day according to Bangladesh Bank.
The minister urged consumers, the businesses and service providers to join the initiative without hesitation. He said cashless payments would make the economy more secure.
