Bangladesh set to launch payment card scheme similar to Mastercard, Visa

The government Bangladesh is set to roll out its first domestic card scheme to enable the electronic transfer of funds nationally.

A newspaper said Prime Minister Sheikh Hasina will inaugurate the scheme, Taka Pay, during a ceremony at Ganabhaban on Wednesday morning.

Initially, state-run Sonali Bank and another private commercial bank will issue the card for their customers. Other banks are expected to offer the scheme later.

The launching of the card would reduce dependency on international card schemes. It will also help the country in saving foreign currencies.

The scheme will run using central bank’s electronic payment platform, National Payment Switch Bangladesh (NPSB).  The card can be used in foreign countries after inclusion of foreign banks and institutions with the network.