Marking a significant milestone in Bangladesh’s digital financial infrastructure, Person-to-Person (P2P) fund transfers have been officially launched via the national unified ‘Bangla QR’ framework. The service became fully operational across the country today.
Under this enhanced service, customers using any commercial bank app, Mobile Financial Service (MFS), or Payment Service Provider (PSP) platform can instantly transfer funds to another individual simply by scanning their personal ‘Bangla QR’ code.
Bangladesh Bank officials confirmed that customers will no longer need to manually type lengthy bank account numbers or recipient mobile numbers. Scanning the QR code automatically verifies the recipient’s credentials, ensuring swift, error-free, and secure transactions.
The central bank had issued a mandatory directive to all commercial banks, MFS operators, PSPs, and Payment System Operators (PSOs) to integrate P2P QR functionality into their respective mobile applications by October 31.
Introduced in 2023, ‘Bangla QR’ serves as a cornerstone for the central bank’s strategic goal to make 75% of total national transactions cashless by 2027. To accelerate adoption, authorities have already made QR payment integration mandatory for trade license issuance and renewal, alongside enforcing a June 30 deadline for merchants to replace proprietary QR codes with unified Bangla QR standards.
