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E-wallet transaction limit doubles

  • Published at 09:42 pm July 23rd, 2019
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For personal E-wallet account, the maximum balance has been set at Tk400,000

Bangladesh Bank on Tuesday raised the transaction limit for E-wallet account from Tk50,000 to Tk100,000 a day to encourage cashless transaction in the economy.

The facility, however, will not be applicable for mobile financial services (MFSs), according to a central bank circular.

For personal E-wallet account, the maximum balance has been set at Tk400,000.

Any individual could transact a maximum amount of Tk100,000 a day through the system, while the monthly transaction limit has been fixed at Tk400,000, the circular adds.

The new limits of transaction through E-wallet will be effective immediately, the circular says.

However, the maximum transaction ceiling will not be applicable for the other transactions like person to business, business to person or business to business, it elaborates.

Experts say E-wallet account is an account to account payment system, having no cash out facility in this digital payment system. The E-wallet account must be linked with one's bank account.

“Now people buy plane tickets, pay credit card bills, gas and electricity bills and buy goods from e-commerce companies through E-wallet accounts. To facilitate transaction under the E-wallet method, the ceiling has been increased,” Md Mezabul Haque, general manager, Payment System Department of Bangladesh Bank, told Dhaka Tribune.