a year ago

BB lifts MFSP’s transaction limit; Bangla QR code by June

Published :

Updated :

From now on, customers can do transactions as many numbers as they want by using the ‘Bangla QR' code.

The payment system department of Bangladesh Bank (BB) issued a circular in this regard on Wednesday withdrawing the maximum daily transaction limit of Tk 20,000.

The instructions were sent to all banks, mobile financial service providers (MFSP), payment service providers, and payment service operators across the country on Wednesday, reports UNB.

The circular said that the 'Bangla QR' code payment system should be introduced in the banks' apps by June 30, 2023.

The ‘Bangla QR' code payment system was launched recently to make all kinds of financial transactions through master card, credit card, debit or prepaid card through the apps of certain banks.

As a result, customers do not have to scan separate QR codes for different payment networks. However, the maximum daily transaction limit for this method as a single individual was Tk 20,000. Now the central bank has lifted this maximum transaction limit for individuals.

 “The bank or financial institutions will properly verify the suspicious and large amount transactions and take the necessary measures. Besides, banks can set their limits,” the circular stated.

 “Eat jhalmuri on the street side, buy fruits, or polish your shoes at the cobbler, so you don't have to pay the price with cash anymore. Only one app will work. Quick Response-price of product-service can be given in QR code,” said Md Motasem Billah, Director PSD of BB.

From big showroom-chain shops to the footpath and street vendors, the price of goods and services will be paid by using QR code, he said.

Share this news