Bangladesh Bank has instructed that payment settlements through Bangla QR code be reduced to real-time, instantly crediting the merchant's account.
Effective October 1, funds from all transactions completed using Bangla QR must be deposited into the respective merchant's account immediately.
Currently, it takes up to one day for Bangla QR payment funds to settle into a merchant's account. Once the new directive takes effect, this waiting period will end.
The central bank issued these instructions to banks, Mobile Financial Services (MFS), and Payment Service Providers (PSP) on Thursday (September 17).
According to the Bangladesh Bank circular, starting October 1, banks, MFS, and PSPs must place the Bangla QR payment icon in an easily visible and accessible location on their mobile app homepages—specifically at the bottom-center of the homepage, within easy reach of the user's thumb.
Additionally, by October 31, financial providers must introduce a feature enabling payments by uploading an image of a QR code alongside the standard camera scanning option.
By the same deadline, all savings and current account holders, including cardholders, must be provided the facility to make Bangla QR payments via mobile apps.
The central bank stated that these directives aim to make digital transactions via Bangla QR more popular and customer-friendly, as well as to encourage merchants to accept payments through this method.
Industry insiders noted that under the new system, merchants will no longer have to wait until the next day to receive payment funds, granting them quicker access to transact their capital.