The effort will help faster digitization, says BB Deputy Governor Ahmed Jamal
Mutual Trust Bank (MTB) Limited is going to launch cashless transaction with an app in the metropolises and later gradually in other parts to boost e-commerce and digitalization in economy.
The app, Bangla QR, an interoperable Quick Response (QR) code-based payment acceptance solution, is the latest technology in the banking industry aimed at easing transaction.
The bank officials announced this in a program held at a hotel in the capital on Sunday.
Mastercard, a leading global payments and technology company, is providing technological solution towards the launching the latest technology in the banking sector.
Bangla QR will allow cardholders using Mastercard credit, debit and prepaid cards issued by MTB to carry out payments merely using a QR code generated by the MTB mobile banking application.
Bangladesh Bank recently approved the interoperable Bangla QR to help faster the digitization in the country, said BB Deputy Governor Ahmed Jamal.
“Establishing digital Bangladesh mission of the government would be supplemented with the introduction of ‘Bangla QR’. He said, adding the BB was relentlessly working to establish a cashless society.
He urged the MTB and Mastercard authorities for undertaking huge publicity programs to popularize the new concept of ‘Bangla QR’ technology.
The organizers said the with this latest technology, MTB Mastercard cardholders would now need to simply ‘scan to pay’ by accessing the Mastercard QR option on their MTB mobile banking apps and by scanning the QR code displayed at the merchant’s checkout counter.
Cardholders will then have to enter the amount they wish to transact and enter their PIN, completing the payment with their debit, credit or prepaid cards issued by MTB.
By providing a quick, secure and innovative approach to transact, Mastercard’s QR technology eliminates the need for consumers to carry cash and enhances the degree of convenience that users will enjoy.
Bangla QR is the country’s National Interoperable QR approved by Bangladesh Bank.
With Bangla QR, the usage of multiple QR codes from different payment networks for consumers will not be needed.
Similarly, merchants will only need to display one QR code at their storefront, making the payment process faster, smoother and seamless.
BanglaQR would make everyday spend simple and convenient, said Syed Mohammad Kamal, country manager, Mastercard.
“Mastercard is delighted to be the first payments network in Bangladesh to collaborate with a leading bank to launch the country’s first Interoperable National QR code-based acceptance solution-BanglaQR,” Kamal added.
Syed Mahbubur Rahman, managing director and CEO, Mutual Trust Bank Limited (MTB), said: “MTB is excited to be able to provide its customers with a faster and more convenient method of payment. With a quick scan of the QR code generated by the MTB app, our cardholders will be able to experience convenience, unlike any time before. We are confident that Bangla QR, a result of the joint efforts of MTB and Mastercard, will bring a new era of digital payment to Bangladesh.”