Home ›› 14 Oct 2022 ›› Front
Mobile banking transactions in Bangladesh declined by Tk 1,723 crore to Tk 87,446 crore in August this year, compared to the figure posted in July. But when compared year-on-year, such transactions in August 2022 rose by Tk 16,217 crore.
Bangladesh’s mobile banking transactions stood at Tk 71,229 crore in August 2021, according to data released by the Bangladesh Bank on Thursday. Industry insiders say mobile banking transactions usually rise during a festival, and decline after it is observed.
Speaking to The Business Post, head of Corporate Communications at bKash Shamsuddin Haider Dalim said, “Transactions were high as Eid-ul-Azha was observed in July. August was the month after Eid, so there is a slight decrease in transactions. We see this trend every year.”
According to the central bank data, mobile banking transactions were at an all time high in April this year – exceeding taka one lakh crore. The transactions skyrocketed because Ramadan began that month, industry leaders say.
They added that a big change is coming in mobile banking transactions, evident by the fact that the amount of cash-out is decreasing and the amount of merchant payment is increasing.
In August this year, the cash-out amount year decreased by Tk 2,270 crore to Tk 23,984 crore, when compared to the month of July 2022. On the other hand, the amount of merchant payments increased by Tk 86 crore to Tk 3,034.8 crore in August, compared to the previous month.
The amount of utility bills paid through mobile financial transactions increased by Tk 402 crore to Tk 2,262 crore in August 2022.
Regarding the increase in other payments, including merchant payments, industry insiders point out that the scope of online business has been increasing in Bangladesh since the Covid-19 pandemic.
As a result, the demand and opportunities for digital payments while shopping is steadily increasing. In addition to customers, sellers too are now more interested in this type of payment method.
Dalim from bKash said, “We see new merchants joining us every day. Their interest has increased more than before. At the same time, the digital ecosystem and the transactions are increasing, along with merchant payments.”
Number of registered mobile banking accounts increased by 20.86 lakh to 18.32 crore this August compared to July this year. In August, the number of mobile banking accounts in rural areas was 10.17 crore, and urban areas 8.15 crore.
The number of female account holders was 7.66 crore and male account holders was 10.622 crore in the same month. The number of agents was 14.93 lakh in August around the country, according to the central bank data.
