The Central Bank of Bangladesh has piloted an interoperable payments system that enables customers of more than 15 banks to pay by scanning a QR code. The system forms part of Bangladesh Bank’s Cashless Bangladesh initiative and is built on the country’s existing Bangla QR mobile payments service that to date has only enabled customers of specific banks to make QR code payments at merchants that have an account with the same financial institution.

Bangladesh Bank’s pilot upgrade has now extended the interoperability of that service so merchants can accept payments from customers with accounts at any of the participating banks and payment service providers. Banks participating in the payments system At launch, 10 banks — Dutch-Bangla Bank, Mutual Trust Bank, AB Bank, Eastern Bank, Islami Bank Bangladesh, United Commercial Bank, City Bank, Bank Asia, Pubali Bank, and One Bank — as well as Mastercard, Visa, American Express and mobile payments providers bKash, Rocket, and Islami Bank’s mCash are supporting the service, Bangladesh Bank says. The upgraded interoperable version of Bangla QR is being tested with some 1,200 small businesses in the capital Dhaka prior to a wider rollout.

Bangla QR was originally launched with support from Mutual Trust Bank in January 2020. DBS and Brac Bank partner enable real-time no-fee remittance payments for Bangladesh migrants Migrants from Bangladesh can benefit from real-time money transfers to their home country, with no fees, through DBS’ digital banking platform to a Brac Bank account. DBS Remit will provide guaranteed exchange rates and no service fees for the over 200,000 migrant workers from Bangladesh who now work in Singapore and want to send funds in their home country.

DBS Remit also ensures real-time automated deposits to Brac Bank accounts and any other bank account in Bangladesh. For remittances deposited to a Brac Bank account, customers can use the mobile app Astha to pay for loan installations, utilities, insurance, credit card and phone bills, as well as transfer funds to any other bank account or mobile wallet in Bangladesh. .