In a significant leap toward achieving a fully cashless economy, Bangladesh Bank officially introduced Person-to-Person (P2P) fund transfers via the unified national standard "Bangla QR" starting Sunday, November 1.
Under the new directive, account holders across participating commercial banks, Mobile Financial Services (MFS), and Payment Service Providers (PSPs) can transfer money directly to another individual by scanning a Bangla QR code or uploading an image of a beneficiary’s QR code using their mobile banking apps.
The interoperable platform automatically identifies the destination account or wallet, eliminating the need for customers to remember or check recipient account details across different platforms.
Central bank officials highlighted that the interoperable P2P system enhances transaction security, accuracy, and convenience for everyday financial transfers nationwide.
The national implementation of P2P Bangla QR follows a series of regulatory rollouts and rapid transaction growth over recent months.
The timeline began with official administrative instructions directing all banks, MFS operators, and PSPs to integrate P2P Bangla QR functionality into their mobile applications by October 31, 2026, setting the stage for today's live launch.
This expansion builds upon dramatic transaction growth earlier in the year.
According to central bank statistics reported across media, Bangla QR adoption surged extensively through 2026, with average daily transactions climbing from roughly 100,000 (valued at over Tk28 crore) in June to approximately 350,000 transactions (valued at around Tk143.54 crore) by late September.
Ahead of the P2P launch, Bangladesh Bank introduced instant merchant payment settlements starting October 1, 2026, alongside reduced transaction costs and fee incentives for transfers up to Tk2,000.
Financial analysts noted that these coordinated regulatory shifts and the introduction of P2P QR payments are expected to foster white-label Cash-In/Cash-Out (CICO) agent models and streamline small-scale personal money transfers across the country.
