ইন্টারঅপারেবিলিটির মাধ্যমে বাংলাদেশে ইন্সট্যান্ট পেমেন্ট আরও জনপ্রিয় করতে বাংলাদেশ ব্যাংকের উদ্যোগ

Summary

Bangladesh has made significant strides in its digital financial infrastructure, with systems like BAC, BEFTN, RTGS, and NPSB becoming the backbone of its financial transactions. With over 185 million mobile connections and a growing internet user base, Bangladesh is now focusing on a unified, instant payment platform—Inclusive Instant Payment System (IIPS). This platform allows seamless transactions across various sectors, enhancing financial inclusion, reducing costs, and improving transparency. IIPS is set to revolutionize the economy, moving towards a cashless society and empowering businesses and citizens with faster, simpler, and more affordable payment solutions.

Takeaways

• 😀 Bangladesh Bank has built a strong payment infrastructure with key systems like BAC, BEFTN, RTGS, and NPSB, forming the backbone of financial transactions in the country.
• 😀 The involvement of commercial banks, MFS providers, PSPs, PSOs, and microfinance institutions has been crucial in promoting financial inclusion in Bangladesh.
• 😀 Bangladesh Bank has introduced national standards for QR codes and cards, such as Bangla QR and Taka Pay, facilitating digital payments.
• 😀 The country is experiencing rapid digital growth, with over 185 million mobile connections, 136 million internet users, and 120 million active social media users.
• 😀 As digital transformation reshapes financial behaviors, there is a growing demand for a unified payment platform to simplify transactions.
• 😀 The Inclusive Instant Payment System (IIPS) offers a centralized, neutral, and instant payment platform for banks, MFS, PSPs, and PSOs to operate together.
• 😀 The IIPS allows for easy transactions using mobile numbers or QR codes, enabling instant transfers between banks, MFS, government, businesses, and even cross-border remittance.
• 😀 The IIPS aims to provide faster, simpler, and more affordable payment experiences, while enhancing financial inclusion, reducing business costs, and improving transaction transparency.
• 😀 By implementing IIPS, Bangladesh aims to reduce cash dependency, accelerate government payments, improve credit access for small businesses, and foster greater financial transparency.
• 😀 IIPS is not just a technology; it's a key tool to integrate the last mile of the population into the financial ecosystem.
• 😀 Bangladesh is on its way to achieving a cashless society, with the IIPS serving as the driving force behind the country's digital economic transformation.

Q & A

What is the significance of Bangladesh Bank's payment infrastructure?

Over the past decade, Bangladesh Bank has developed a strong payment infrastructure, which includes systems like BAC, BEFTN, RTGS, and NPSB. These systems have become the backbone of financial transactions in Bangladesh, connecting commercial banks, MFS providers, and other institutions, paving the way for financial inclusion.

How has Bangladesh Bank contributed to the digital transformation of payments?

Bangladesh Bank has issued national QR and card standards like Bangla QR and Taka Pay, which have helped in the digital transformation of payments in the country. These initiatives aim to make financial transactions faster, safer, and more accessible.

What role do mobile connections and internet access play in Bangladesh's financial ecosystem?

With over 185 million mobile connections and 136 million internet users, Bangladesh has a vast digital user base. This widespread access has been essential in supporting digital transformation in payment behaviors, enabling easier and faster financial transactions.

What is the Inclusive Instant Payment System (IIP) and how does it function?

The Inclusive Instant Payment System (IIP) is a centralized, neutral, and instant payment platform that connects banks, MFS providers, PSPs, and PSOs. It allows transactions using mobile numbers or QR codes, ensuring fast and seamless payments across different sectors, including cross-border remittances.

What benefits does the Inclusive Instant Payment System (IIP) provide to citizens?

The IIP empowers citizens with faster, simpler, and more affordable payment experiences. It enhances financial inclusion, reduces business costs, and increases the transparency of financial transactions.

How does IIP contribute to Bangladesh's financial ecosystem?

IIP reduces dependence on cash, speeds up government payments, provides digital credit access to small businesses, improves financial transparency, and lowers cash management costs, thereby strengthening the overall financial ecosystem.

How does the IIP support the move towards a cashless society in Bangladesh?

The implementation of IIP is a key step towards a cashless society in Bangladesh. It encourages digital payments and financial inclusion, ultimately reducing reliance on cash transactions and making financial systems more efficient.

What is the role of IIP in empowering small businesses in Bangladesh?

IIP provides digital credit access to small businesses, helping them overcome barriers in accessing finance. This access to fast, secure digital payments enhances their ability to grow and compete in the economy.

Why is IIP considered not just a technology but a tool for financial inclusion?

IIP is not merely a technological advancement but a tool that connects the last mile of society to the financial ecosystem. It ensures that everyone, regardless of location or socio-economic status, can participate in digital financial systems.

How does IIP facilitate cross-border remittances?

The IIP platform allows cross-border remittances to be processed seamlessly and instantly, making it easier for people to send and receive money across borders without delays or high transaction fees.