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Bangla QR – a digital payment solution that can be used across selected apps – is now allowing consumers to transact any amount any number of times, instead of imposing the Tk 20,000 daily limit.
Making the announcement on Wednesday, a Bangladesh Bank circular instructed all banks, mobile financial services providers (MFSP), payment service providers and payment service operators in the country to adopt the Bangla QR system by 30 June this year.
Launched recently, the Bangla QR code payment system allows customers to make all types of financial transactions from credit, debit or prepaid cards through apps of specific banks. Bangla QR users do not have to scan separate QR codes for different payment networks.
For transactions in this mode, the maximum daily transaction limit as a single individual was Tk 20,000. Now the central bank has lifted this maximum transaction limit for individual customers.
However, a bank or financial institution will have to properly verify any suspicious or large transactions, and take necessary measures. Besides, respective banks can impose their own limits, the circular read.
A guideline on the benefits of using QR code, prepared in 2021, mentions that among the digital mediums being used to purchase goods or services, the transaction cost of Bangla QR will be the lowest.
This low cost advantage will be available to large entities, as well as for small and marginal businesses. The guideline mentions that Bangla QR code has been introduced as part of the digital payment ecosystem to make daily transactions safe, easy, fast and cost-effective.
