Mutual Trust Bank Limited, in collaboration with Mastercard, announced the launch of 'Bangla QR', an interoperable Quick Response (QR) code-based payment acceptance solution.
Making its debut in the country, Bangla QR will allow cardholders using Mastercard branded credit, debit and prepaid cards issued by Mutual Trust Bank (MTB) to carry out payments merely using a QR code generated by the MTB mobile banking application. In due course, the interoperable solution will be accessed by other banks and payment networks as well.
Bangla QR is country's National Interroperable QR, approved by Bangladesh Bank, said a statement.
Ahmed Jamal, Deputy Governor, Bangladesh Bank, attended the launching ceremony as the Chief Guest.
In June 2018, a Working Committee (WC) on National Standard for QR Based Payments in Bangladesh, the WC, was established by Bangladesh Bank. The WC aimed to develop an interoperable standard QR code (Bangla QR) specification for retail payments in Bangladesh to facilitate merchants in using a single QR code and accept payments via different payment service operators.
Members of the WC include the Bangladesh Bank (BB), international payment network operators, banks, Mobile Financial Services (MFS) and others. Having studied various options, the WC agreed to develop a common and interoperable QR code specification by using the EMV® Merchant-Presented QR Code Specification for Payment Systems (EMV QRCPS).
Bangla QR standard was announced by Bangladesh Bank on March 11, 2019.
With this latest technology, MTB Mastercard cardholders will now need to simply 'scan to pay' by accessing the Mastercard QR option on their MTB mobile banking apps and by scanning the QR code displayed at the merchant's checkout counter. Cardholders will then have to enter the amount they wish to transact and enter their PIN, completing the payment with their debit, credit or prepaid cards issued by MTB. By providing a quick, secure and innovative approach to transact, Mastercard's QR technology eliminates the need for consumers to carry cash and enhances the degree of convenience that users will enjoy.
With Bangla QR, the usage of multiple QR codes from different payment networks for consumers will not be needed. Similarly, merchants will only need to display one QR code at their storefront, making the payment process faster, smoother and seamless. As a part of the Government's relentless efforts to build a cashless society, this revolutionary technology has the potential to significantly accelerate the growth of digital payment acceptance in the country. As more stores are opening up to accept electronic payments and utilizing digital technology for the convenience of their consumers, digital payments are paving the way forward.
Bangla QR will make everydays spend simple & convenient. This will be implanted at the MSME segments, where currently there is no acceptance for digital payments.
Syed Mahbubur Rahman, Managing Director & CEO, Mutual Trust Bank Limited (MTB) said, "MTB is excited to be able to provide its customers with a faster and more convenient method of payment. With a quick scan of the QR code generated by the MTB app, our cardholders will be able to experience convenience, unlike anytime before. We are confident that Bangla QR, a result of the joint efforts of MTB and Mastercard, will bring a new era of digital payment to Bangladesh."