The Bangladesh Bank has instructed banks, mobile financial service (MFS) providers, payment service providers and payment system operators to ensure instant credit of Bangla QR payments to merchants from October 1 this year.<\/p>\n
The central bank issued the directive yesterday to make digital transactions more popular and customer-friendly and encourage merchants to accept digital payments. Under the previous rules, financial institutions providing Bangla QR services credited transaction proceeds to small and marginal merchants immediately.<\/p>\n
However, the timeframe for large merchants would be determined on the basis of service provider-merchant relationships and other relevant risks.<\/p>\n
From the start of October, all payments made through Bangla QR must be credited immediately to the respective merchant accounts, according to the latest directive.<\/p>\n
The central bank also instructed banks, MFS providers and payment service providers to display the Bangla QR payment icon, as prescribed, at the bottom-centre position of their mobile apps\u2019 home pages, near the users\u2019 thumb zone.<\/p>\n
By October 31, the service providers must enable customers to make payments not only by scanning Bangla QR codes but also by uploading QR code images.<\/p>\n
They must also enable all savings and current account holders, including cardholders, to make payments by scanning Bangla QR through their mobile apps by the same deadline.<\/p>\n
The instructions were issued under Section 18(2) of the Payment and Settlement Systems Act, 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"The Bangladesh Bank has instructed banks, mobile financial service (MFS) providers, payment service providers and payment system operators…\n","protected":false},"author":2,"featured_media":629439,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[61,60,202,80],"class_list":["post-629438","post","type-post","status-publish","format-standard","has-post-thumbnail","category-mobile","tag-ie","tag-ireland","tag-mobile","tag-technology"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/629438","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=629438"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/629438\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/629439"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=629438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=629438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=629438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}