Instant Settlement for Merchants Starting October 1
Bangladesh Bank has announced a comprehensive series of new policy measures to make the nation’s interoperable digital payment ecosystem smoother, safer, and more inclusive through the expanded implementation of Bangla QR. Disclosed during a press conference at the central bank’s Jahangir Alam Conference Hall, the initiatives aim to lower merchant transaction costs, establish instant settlement mechanisms, and launch interoperable person-to-person fund transfers nationwide.
According to Bangladesh Bank, a safe, convenient, and inclusive digital payment framework is vital for building a sustainable digital economy for citizens across all levels of society, including marginalized communities. To establish this unified infrastructure, the central bank introduced Bangla QR as the nation’s single interoperable QR payment standard, allowing customers of various commercial banks and Mobile Financial Services providers to seamlessly scan codes across nearly 3.9 million merchant locations nationwide.
Official central bank figures demonstrate rapid growth in digital payment adoption under this unified standard. In June, average daily Bangla QR transactions stood at approximately 100,000 with a value exceeding BDT 28 crore. Over the subsequent 90 days, daily transaction volume surged to nearly 350,000 transactions valued at around BDT 143.54 crore, representing a 3.5-fold expansion in transaction volume and an almost fivefold increase in total monetary value.
To further accelerate adoption, effective October 1, funds received via Bangla QR will be credited instantly to respective merchant accounts, eliminating previous payment clearance delays. Concurrently, the central bank has abolished the minimum 1% Merchant Discount Rate for acquirers and set the Interchange Reimbursement Fee to zero. Additionally, for transactions up to BDT 2,000 processed through the National Payment Switch Bangladesh platform, Bangladesh Bank will provide financial incentives of 0.10% to acquiring institutions and 0.20% to issuing institutions.
Starting November 1, Bangladesh Bank will officially launch interoperable person-to-person fund transfers using Bangla QR. Under this expanded feature, individual customers can transfer money directly across different banking platforms and Mobile Financial Services providers by scanning another individual’s Bangla QR code or uploading its image inside their mobile banking applications.
To strengthen public confidence and protect consumer rights, Bangladesh Bank has established immediate refund protocols for failed transactions alongside comprehensive dispute resolution guidelines issued on September 27. Guided by policy direction from a steering committee chaired by the central bank Governor, stakeholders experiencing grievances can access central assistance directly through Bangladesh Bank’s dedicated hotline at 16236.
