Written by The Banking Post
Bangladesh Bank has made it mandatory for all banks and payment service providers to adopt a single, interoperable QR code system—‘Bangla QR’—across all merchant points by June 30, in a major step toward a unified digital payment ecosystem.
In a circular issued on April 1, the central bank directed scheduled banks, mobile financial service providers, payment service providers, and payment system operators to phase out their proprietary QR codes and switch to the standardised platform within the deadline.
Failure to comply may trigger strict penalties under the Payment and Settlement Systems Act 2024, including fines of up to Tk 3 million or imprisonment for up to three years, or both.
All merchant points—including shops, restaurants, service centres, and online platforms—must visibly display the Bangla QR code to enable seamless transactions. The code is strictly for payment collection, and misuse—such as cash-out—will result in immediate cancellation.
The move aims to ensure interoperability, allowing customers of different banks and mobile financial services to make payments using a single QR code, replacing the current fragmented system.
The central bank has also instructed institutions to complete full technical integration, ensure uninterrupted services, and carry out regular monitoring and awareness campaigns for both merchants and users.
The interoperable QR system was first introduced in 2023 to improve transparency, reduce transaction costs, and accelerate digital adoption. The latest directive aligns with the broader goal of making 75 per cent of transactions cashless by 2027.
Industry stakeholders have broadly welcomed the initiative, though implementation challenges remain.
“This is a challenging task that requires active participation from all institutions,” said a senior official of a leading mobile financial service provider, noting that efforts are already underway to roll out the system nationwide.
He added that financial incentives and awareness campaigns would be key to encouraging small merchants and consumers to adopt digital payments more widely.
