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Digital Transaction Increased Tremendously

With the introduction of new products, consumers are becoming more and more dependent on digital transactions. Now Uber, Pathao, and CNG fares are being paid through mobile phones in Bangladesh. Even shops in alleys outside the capital are now being billed through services like bKash, Rocket, and Cash. This is adding a new dimension to digital transactions. The article is about Digital Transaction Increased Tremendously.

With the introduction of new products, consumers are becoming more and more dependent on digital transactions. Now Uber, Pathao, and CNG fares are being paid through mobile phones in Bangladesh. Even shops in alleys outside the capital are now being billed through services like bKash, Rocket, and Cash. This is adding a new dimension to digital transactions. The article is about Digital Transaction Increased Tremendously.

Now, debit and credit cards and mobile banking are being used for small and big purchases. Vendors and service providers use Point of Sales (POS) to receive money. Money is also being taken through mobile banking in the case of big and small businesses. Money is also being transacted at home through internet banking or apps.

Thus, digital transactions of around Tk 1,600 crore are being done every day. Of this, sellers and service providers are accepting Tk 1,100 crore as the customer’s purchase bill. The remaining Tk 600 crore is transacted through apps or internet banking services. Debit and credit cards, mobile banking, and internet banking have reduced the use of cash. Through this, Bangladesh is moving forward to become a cashless society. In other words, cash transactions are declining, and digital transactions are increasing. Although it has been a decade since these services were launched in the country, digital transactions have reached new levels in 2020 and 2021, mainly due to coronavirus. For example, all the various social security benefits provided by the government are now disbursed through mobile banking services.

Digital transactions can be divided into three steps. First, services such as bKash, cash, and rocket are all digital transactions paid for various purchases and services except depositing and withdrawing cash. Second, points of sales (POS) and e-commerce or online transactions through debit and credit cards. Third, Internet banking or app-based services are also digital transactions.

According to industry sources, 270,000 small and large enterprises and shops across the country are now receiving money through development. And there are 31,000 such merchants in cash. Rocket also has a few thousand merchants. And the banks have installed 93,062 POS in different types of small and big businesses. Besides, many organizations are also accepting money through QR codes. Card money is being taken through this. Apart from this, the bank has introduced more or less internet banking facilities.

As a result of these digital transaction services, the use of cash in the life of the citizens of the country is decreasing. However, not all other digital transactions, recharging on mobile has now become largely dependent on mobile banking. Earlier, people had to go to the agents of mobile operators to recharge with cash. Apart from this, paying gas-electricity and water bills and sending money to someone has become fully digital.

According to Bangladesh Bank, a total of Tk 73,393 crore was transacted through mobile banking services in January. Of this, Tk 42,138 crore was deposited and withdrawn in cash. The remaining Tk 31,255 crore is transacted for remittances, purchases, and payment of bills for various services, salaries, and mobile phone recharge. All of these are digital transactions.

With the introduction of various new products by the service providers, the customers are becoming more and more dependent on digital transactions. Now Uber, Pathao, and CNG fares are being paid through mobile phones in countries like abroad. Even shops in alleys outside the capital are now being billed through services like bKash, Rocket, and Cash. This is adding a new dimension to digital transactions. For this, the service providers have launched their apps.

Banks are now offering internet banking to their customers. For this, they have launched their apps. City Bank’s City Touch, Eastern Bank Limited’s (EBL) Sky Banking, Dhaka Bank’s Go, Dutch-Bangla Nexus Pay, BRAC Bank’s Astha, Jamuna Bank’s Just Pay are now very popular. 

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