All transactions made through Bangla QR code are now endowed with double benefits of fee waiver and incentives to popularise this all-inclusive online payment platform.
In the first go, Bangladesh Bank made the interchange reimbursement fee (IRF) zero-rated for all transactions made through the Bangla QR.
Also, the central bank introduced an incentive scheme for small and marginal merchants and service providers to encourage low-value transactions through this quick-response code.
The decisions will take effect in October next, according to two separate directives issued Monday by the Payment Systems Department of Bangladesh Bank.
Under the new directives, the IRF for all types of Bangla QR-based transactions has been set at zero. As a result, the issuing institution will not receive any fee or service charge from the acquiring institution for Bangla QR transactions.
The banking regulator has said the measures aim to facilitate merchant payments, bring small and marginal sellers of goods and services under the digital-payment network, and establish a "secure, affordable and interoperable digital payment ecosystem".
Meanwhile, the central bank is launching a new incentive programme to boost transactions through this system.
Under the scheme, incentives will be provided for each Bangla QR-based NPSB transaction of up to Tk 2,000 conducted at merchant points of small and marginal sellers and service providers onboarded through individual retail accounts.
The acquiring institution will receive an incentive equivalent to 0.10 per cent of the transaction value, while the issuing institution will receive 0.20 per cent.
However, institutions will not be allowed to artificially split a single transaction into multiple smaller transactions, engage in transaction structuring to inflate transaction volumes, or adopt any other method to obtain the bounties.
"No incentive will be paid for failed, reversed, refunded, charged-back, disputed or subsequently cancelled transactions," the regulator says in the circular.
The central bank may, if necessary, verify and audit transaction records, merchant-related information, settlement data and supporting documents of the institutions concerned. The institutions will have to provide such information and documents upon request from the BB.
"If an institution is mistakenly paid incentives against excessive, artificial or erroneous transactions, Bangladesh Bank may recover the amount or adjust it against future incentive payments," the notification says.
The acquiring institution will also be required to monitor, verify and review any merchant showing an unusually high number or unusual pattern of transactions.
The central bank has instructed acquiring institutions to take necessary measures to prevent artificial transaction splitting, cash-out and other forms of misuse.
If such abuse is established, the concerned institution will be held responsible. Bangladesh Bank may also recover or adjust the incentives already paid and take necessary action under the Payment and Settlement Systems Act 2024.
The latest directives also state that previous instructions relating to fees and charges for Bangla QR transactions will be considered amended or repealed to the extent applicable.
