All banks, mobile financial service (MFS) providers, payment service providers (PSPs), and payment system operators (PSOs) must replace their proprietary QR codes at merchant points with the central bank’s interoperable platform, Bangla QR, by June 30 or face penalties of up to Tk 30 lakh.

In a circular issued yesterday, Bangladesh Bank (BB) made the transition mandatory, warning that violations would invite action under Section 37(5) of the Payment and Settlement Services Act 2024 and other applicable laws, regulations, and directives.

Non-compliant institutions may face fines of up to Tk 30 lakh, imprisonment for up to three years, or both.

The BB also said that magistrates of the National Consumer Rights Protection Directorate may be informed to initiate judicial proceedings against those responsible.

All merchant points must visibly display Bangla QR, while banks and service providers must ensure uninterrupted transactions through proper technical integration and interoperability, according to the circular.

Institutions have also been instructed to monitor merchant points regularly. If any merchant is found using Bangla QR for cash-out activities instead of payments, the facility must be cancelled immediately.

The circular asked banks and service providers to intensify awareness campaigns among merchants and customers.

BB said Bangla QR was introduced to establish an interoperable, secure, cost-effective, and inclusive digital payment ecosystem nationwide.

The platform allows customers of participating banks and MFS providers to make payments using a single QR code, unlike proprietary systems that limit transactions to specific providers.

The BB launched the interoperable QR-based settlement system in 2023 to improve transparency, reduce risks, lower transaction costs, and speed up digital payments.

As part of its goal to make 75 percent of transactions cashless by 2027, authorities have already made QR payment facilities mandatory for obtaining or renewing trade licences nationwide.