Person-to-person (P2P) transactions through Bangla QR officially began today, adding a new feature to Bangladesh’s digital payment system.
Under the service, a person can send money to another individual simply by scanning that person’s QR code.
Users will no longer need to type in the recipient’s mobile or account number. They can complete a transaction by scanning the QR code and verifying the required information, BB officials said.
The central bank had earlier directed banks, mobile financial service (MFS) providers, payment service providers (PSPs) and payment system operators (PSOs) to integrate the feature into their mobile apps by October 31.
BB officials said the P2P facility should help reduce reliance on cash in everyday transactions and encourage wider use of digital payments.
“The initiative is also expected to make the country’s payment system more inclusive while playing an important role in promoting cashless transactions,” they said.
The central bank introduced the interoperable QR-based settlement system in 2023 to improve transparency, reduce risks, lower transaction costs and speed up digital payments.
The move is part of the government’s goal of making 75 percent of transactions cashless by 2027. Authorities have already made QR payment facilities mandatory for obtaining or renewing trade licences across the country.
Separately, all banks, MFS providers, PSPs and PSOs were required to replace their proprietary QR codes at merchant points with Bangla QR by June 30 this year.