Bangladesh Bank has announced that Person-to-Person (P2P) transactions via "Bangla QR" will officially launch on November 1 later this year.
This service will allow users to seamlessly transfer funds to another individual by scanning a Bangla QR code or uploading an image of a QR code through their respective mobile applications.
The announcement was made on Wednesday (September 30) during a press conference held at Bangladesh Bank headquarters, attended by central bank spokesperson and executive director Arief Hossain Khan alongside other senior officials.
To accelerate the adoption of Bangla QR, the central bank unveiled several key measures, including instant settlement of transaction funds to merchant accounts, reduction of payment processing fees, and financial incentives.
Currently, customers of banks and Mobile Financial Services (MFS) can scan Bangla QR codes across nearly 4 million merchants nationwide to pay for goods and services.
Bangla QR adoption has seen exponential growth in recent months.
In June, the platform recorded an average of 100,000 daily transactions totaling over Tk28 crore.
Currently, average daily transactions have climbed to nearly 350,000, valued at approximately Tk143.54 crore.
According to central bank data, within the 90-day window following July 1, the average daily transaction volume grew by 3.5 times, while the total transaction value surged nearly 5-fold.
Introduced by Bangladesh Bank as the nation’s unified, interoperable QR payment standard, Bangla QR aims to build a secure, simple, and inclusive digital payment ecosystem that extends financial access to marginal populations across all economic levels.
To consolidate QR payments, Bangladesh Bank mandated the replacement of all proprietary QR systems with Bangla QR starting July 1.
Starting October 1, funds processed through Bangla QR payments will be credited to the merchant’s account instantly.
The mandatory minimum 1% Merchant Discount Rate (MDR) for acquiring institutions has been abolished, and the interchange fee for issuing institutions has been set to zero.
This cost reduction allows banks and MFS providers to offer Bangla QR payment services to merchants either free of charge or at minimal rates.
For every Bangla QR transaction up to Tk2,000 processed through the National Payment Switch Bangladesh (NPSB), Bangladesh Bank will provide an incentive of 0.10% to acquiring institutions and 0.20% to issuing institutions.
To reinforce customer confidence, automated mechanisms have been established for rapid refunds on failed transactions.
Additionally, Bangladesh Bank issued guidelines on September 27 to ensure fast, transparent, and effective dispute resolution.
Customers with complaints or inquiries regarding Bangla QR transactions can contact the Bangladesh Bank hotline at 16236.
