'CASHLESS BANGLADESH: EMPOWERING PEOPLE THROUGH DIGITAL FINANCE
Bangladesh has achieved notable progress in digital payments, particularly through mobile financial services. These platforms have strengthened financial inclusion, especially in rural communities. However, cash remains prevalent; most e-commerce transactions still rely on cash-on-delivery. This highlights significant potential for expanding a cashless economy.
Developing a robust digital finance ecosystem-integrating mobile banking, digital payments, and fintech-will empower individuals and businesses. Such integration can foster economic growth, improve financial inclusion, and enhance transparency.
Interoperability presents a major challenge to seamless digital transactions. The central bank's launch of Bangla QR transactions. aims to unify payment systems across banks and service providers, reducing fragmentation and streamlining
Learning from other Asian markets-such as PRC, India, and Thailand-that excel in cashless payments can offer for Bangladesh. valuable insights. Their experience in addressing usability, cybersecurity, and scalability issues is especially relevant
Implementing incentives and regulations to promote cashless transactions will accelerate this transformation. Expanding digital banking services can further strengthen financial governance and support a transparent cashless economy.
The Asian Development Bank continues to support Bangladesh's payment system digitalization and looks forward to collaborating with government and private sector stakeholders to advance these initiatives.
