Bangladesh Bank to launch inter-transaction system for mobile payments

ByEnigma 808

Bangladesh Bank will launch a new system on 1 November, allowing people to transfer money directly from bank accounts to mobile financial services like bKash, Nagad, and Rocket. This will be done through the National Payment Switch Bangladesh (NPSB). The system will have small fees for transactions. For example, transferring from a bank to MFS will cost a maximum of 0.15%, or Tk1.50 per Tk1,000.

The goal of the new system is to reduce cash use and promote a cashless society. Bangladesh Bank believes it will speed up digital financial inclusion, especially in rural areas. The bank hopes this move will also cut costs and help prevent corruption.

 

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    Besides writing and being a content creator, Enigma 808 sometimes likes to watch paint dry on walls, listening to ASMR while timing snails racing. Such is life.