Bangla QR can play a transformative role in Bangladesh's digital payment ecosystem by allowing customers to make payments through a single interoperable QR code across participating banks as well as mobile financial services (MFS) and payment service providers, said Rupali Bank Managing Director Kazi Md. Wahidul Islam.
He said its wider adoption could reduce dependence on cash, improve transaction transparency and bring small businesses and rural entrepreneurs into the formal digital financial system.
However, he thinks that greater merchant onboarding, public awareness, strong cyber-security, incentives and coordination among financial service providers and the government will be essential for making Bangla QR a nationwide success.
In an interview with The Financial Express, he said Bangla QR, introduced under Bangladesh Bank's initiative, could become an important component of the country's digital payment infrastructure by enabling customers of participating banks, MFS providers and payment service providers to make transactions through a single standardised QR code.
Previously, merchants often had to display separate QR codes for different banks or MFS providers. Bangla QR can eliminate this fragmentation by allowing a single QR code to accept payments from customers through the platforms of different participating financial service providers.
"Interoperability is one of the biggest strengths of Bangla QR," Wahidul Islam said, adding that it would make digital payments easier for both customers and merchants while helping develop a more integrated and competitive digital payment ecosystem.
He said the system could contribute to the development of a cashless economy by reducing the need to carry and manage hard cash. Since digital transactions are recorded electronically, they can also improve transparency, simplify accounting and potentially make tax management more effective.
Wahidul Islam said Rupali Bank was implementing Bangla QR on a priority basis in line with Bangladesh Bank's instructions and roadmap. The bank has completed the necessary technological infrastructure, system integration and user acceptance testing, while customer service, merchant onboarding and staff training are continuing.
Rupali Bank customers can already make Bangla QR payments through its mobile financial service RupaliCash and its mobile app-based internet banking platform Rupali eBank. Merchants can also conduct transactions through Bangla QR.
The bank plans to gradually expand the service to different parts of the country and bring more customers and businesses under the integrated digital payment system, while increasing awareness about the service.
Over the next year, Rupali Bank will focus on expanding its merchant network, strengthening technological capacity and increasing customer awareness. Particular attention will be given to small and medium-sized businesses, retail shops, supermarkets, restaurants, hospitals, educational institutions and transport services.
Rupali Bank has only recently started merchant onboarding, with the process beginning two days before the interview. All branches and officials of the bank have already been given targets for merchant onboarding, with incentives being given importance.
The bank expects to onboard around 100,000 merchants within the next year, he said.
Wahidul Islam said widespread use of Bangla QR could substantially reduce dependence on cash. Everyday payments at shops, restaurants, hospitals, transport services and small businesses could increasingly be completed digitally, making transactions faster, safer and more transparent while reducing the cost and risks of cash management.
He identified interoperability as the central strength of Bangla QR in connecting banks as well as MFS and other payment service providers. A common QR standard would allow customers of participating institutions to transact through the same QR code, helping create a more integrated digital payment ecosystem.
He recommended stronger multi-factor authentication, including OTP and biometric authentication, as well as artificial intelligence-based real-time fraud monitoring and systems for detecting unusual transactions. Immediate SMS or push notifications and rapid incident-response mechanisms among banks, MFS and other payment service providers would also be important.
To encourage merchants, he suggested low or zero merchant discount rates, cashback and reward programmes, free QR stands and merchant kits, easier onboarding and faster settlement of transaction proceeds. Digital transaction histories could also be used to facilitate nano and SME loans.
He sees better scope for Bangla QR beyond retail payments, particularly in the areas of government services, education, healthcare and transport.
Government fees, taxes, passport and licence fees and land-service charges could be paid through Bangla QR. Educational institutions could use it for admission, tuition and examination fees, while hospitals, clinics, diagnostic centres and pharmacies could accept payments digitally.
Transport services such as metro rail, toll plazas, buses, trains, launches, parking facilities and ride-sharing services could also benefit from wider adoption.
Wahidul Islam said the national success of Bangla QR would ultimately depend on strong coordination among Bangladesh Bank, banks, MFS providers, other payment service providers and government agencies.
With coordinated efforts, Bangla QR could evolve from being simply another payment method into the foundation of an integrated digital payment ecosystem, Wahidul Islam said.
Such an ecosystem could expand financial inclusion, reduce dependence on cash and help Bangladesh move towards a more cashless and digitally integrated economy.
He urged customers and businesses to embrace Bangla QR while remaining vigilant about digital security, stressing that users should rely only on trusted QR codes and never share their OTPs, PINs or passwords with anyone.
