Govt aims to build a cashless society
100% of people will have bank accounts if people keep Awami League in power, says Prime Minister's ICT Affairs Advisor Sajeeb Wazed Joy
Prime Minister's ICT Affairs Advisor Sajeeb Wazed Joy formally launched Binimoy, an interoperable digital transaction platform (IDTP), at a city hotel on Sunday with the aim of building a cashless society in Bangladesh within the next three or four years.
Binimoy is a breakthrough platform for making digital financial transactions, a timely initiative among the far-reaching steps taken by the government to build a digital Bangladesh initiative.
It will allow instant money transfers between banks, mobile financial services (MFS) operators, and payment service providers (PSPs).
"Our next target is to build a cashless society," Sajeeb Wazed Joy said in his speech as the chief guest of the Binimoy launch ceremony .
“Currently, around 50-60 million village residents don't have bank accounts. We can't include them all under banking services before the next election, but if people keep Awami League in power, then 100% of the people of Bangladesh will have bank accounts and they will lead cashless lives within the next three or four years,” Joy added.
Joy said: “We have built digital Bangladesh now. We aim to build a cashless society, as the entire world will be cashless in the future.”
Explaining the disadvantages of cash transactions, he said: “Cash can be stolen; it also leads to people facing harassment in getting government services or allowances. Financing of terrorism and corruption is also conducted through cash transactions."
Joy, a key driver of Digital Bangladesh, further said: "Ehe entire planning, implementation and everything of Digital Bangladesh has been done with our own initiatives. No foreign agency did any kind of planning, whether it is long term, short term, or project planning to implement Digital Bangladesh. We did the entire work."
Joy added that 50% of the government services have already been brought under digitization, and hopefully this will be raised to 100% within a few years.
State Minister for ICT Ministry Zunaid Ahmed Palak and ICT Division Senior Secretary NM Zeaul Alam addressed the inaugural function as the special guests. Bangladesh Bank Governor Abdur Rouf Talukder presided over the ceremony, while BB Director Mezbaul Haque delivered a presentation on the features of Binimoy.
Facilities of Binimoy
Previously, Zunaid Ahmed Palak spoke to Dhaka Tribune, and said: “People will get instant access to all types of payment service providers through Binimoy. It will give them the freedom to complete financial transactions through any payment gateway.”
He added: “Customers, financial institutions, merchants, government agencies and other payment service providers can operate 24/7 real-time transactions through this system. Binimoy can lead to revolutionary changes in various public and private services, such as tax submission, bus-train-air ticket purchase, road and bridge toll collection, e-commerce operations, and more.”
Binimoy can lead to revolutionary changes in various public and private services, such as tax submission, bus-train-air ticket purchase, road and bridge toll collection, e-commerce operations and more.
Binimoy will reduce transaction costs, increase efficiency and speed up financial transactions.
This platform will also prevent financial crimes because the exchange authorization standards used in Binimoy will verify each transaction and develop patterns analysis, thereby making it more difficult to launder money, finance terror and evade tax.
Offering a cashless interoperable payment mechanism, Binimoy will boost the e-commerce sector as well.
The exchange system allows customers to transact using virtual IDs instead of their account numbers. Due to the virtual ID, the customer's account number will be anonymous and secure.
Banks, PSPs, and MFS operators will be covered under this platform. A number of non-bank financial institutions and fintech companies have benefited from technological advances in recent years, and are now offering payment services and other banking services.
Binimoy will connect all banks, MSF providers, and payment services of the country and ensure interoperability of transactions between different payment service providers.
Money can be transferred instantly from one bank account to another bank or PSP/MFS wallet through Binimoy. Similarly, money can be sent from one PSP/MFS wallet to another PSP/MFS or bank account.