• Wed. Aug 3rd, 2022

Nearly 50% of total mobile banking transactions are now digital

Digital transactions via mobile banking services have grown very rapidly, having accounted for 43% of total transactions in October 2021, according to data from Bangladesh Bank.

Total transactions through mobile banking also increased from Tk 65,135.06 crore in September last year to Tk 67,582.24 crore in October, an increase of Tk 2,447.18 crore in one month.

Out of the total transactions last October, 21,049.37 crore Tk were recorded as cash-in or deposit transactions, while 17,681.66 crore Tk were recorded as withdrawals or deposits. withdrawals.

Earlier, in May last year, a maximum of Tk 71,246 crore was processed through mobile banking.

Economists and bankers believe that digital transactions through mobile banking are increasing rapidly as it is easier to reach all types of people and various public and private services through this medium.

“The time has come to discourage cash transactions. And through mobile banking, it becomes possible to bring all kinds of people into the realm of digital transactions,” said Selim RF Hussain, Managing Director and CEO of Brac Bank.

“Various government financial aids are also provided through these mobile banking services, which may not have been provided so quickly through a bank account,” he added.

Brac Bank provides MFS services through bKash.

“Cash transactions are decreasing day by day in mobile banking,” said Zahid Hussain, former chief economist at the World Bank in Dhaka.

“It’s a positive economic trend,” he said; fewer cash transactions mean less money is used for criminal purposes.

“And if it is a digital transaction, it will be easy to catch illegal transactions,” the economist said.

As part of mobile banking, customers have now increased their transactions for paying for various government services, sending money to family members, shopping, salary or allowance, mobile recharge, even remittances, Hussain added.

The mobile financial services journey started in Bangladesh in March 2011 by Dutch Bangla Bank’s Rocket.

Currently, there are 13 MFS service providers in the country.

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