The Policy Research Institute of Bangladesh (PRI) on Thursday said that although Bangladesh made notable progress in digital payments, led by mobile financial services, QR payments, and online banking, it remained largely cash-dependent.
It also identified major constraints, including limited interoperability, infrastructure gaps, cybersecurity risks, and low digital literacy.
PRI, support from the Gates Foundation, hosted a Stakeholder Consultation Workshop titled “Toward a Cashless Economy: A Strategic Roadmap for Bangladesh” at its conference room.
A PRI study on the topic emphasized financial inclusion, reduced transaction costs, and improved economic governance as the core benefits of a cashless transition. Global and regional experiences showed the importance of strong digital public infrastructure and coordinated regulation.
Their proposed roadmap recommended phased reforms, stronger regulatory coordination, expanded digital infrastructure, consumer protection, and fintech innovation to enable an inclusive and secure move toward a cashless economy.
Arief Hossain Khan, executive director of Bangladesh Bank, said as chief guest: "Bangladesh Bank is actively pursuing initiatives to promote digital payments, financial inclusion, and a secure payment ecosystem. Success in our transition toward a cashless economy depends on strong coordination among regulators, financial institutions, and technology providers to ensure it is inclusive for all.”
Zaidi Sattar, chairman of PRI, remarked: “To reflect digital advancements in national production, the Bangladesh Bureau of Statistics (BBS) needs to adopt the UN System of National Accounts (UN SNA) 2025 to appropriately incorporate the value added by digital and cashless transactions into the GDP growth. This process will take at least three years.”
Cooperation among the Bangladesh Bank, BBS, and research organizations will be required, including access to relevant data from the Bangladesh Bank, he added.
Ashikur Rahman, principal economist at PRI, delivered the keynote presentation, where he said: “The cashless agenda must now be elevated to a national development priority. Digital and cashless instruments are no longer peripheral innovations; they are powerful enablers of financial inclusion, economic governance, and a low-transaction-cost economy. When designed and deployed well, they can extend formal financial services to underserved populations, reduce informality, improve transparency, and strengthen state capacity.”
If Bangladesh is to sustain inclusive growth in an increasingly digital global economy, the transition to cashless finance must be deliberate, coordinated, and time-bound, he added.
An open floor discussion followed, where participants shared insights on issues such as merchant adoption, cost of digital transactions, cybersecurity risks, rural outreach, and the role of fintech innovation.
The discussion reflected a strong consensus on the need for collaborative action among the government, central bank, private sector, and development partners.
