Cashless Bangladesh: The Future Is Knocking
Picture Bangladesh in a future where every transaction from a rickshaw ride to a school fee, is digital. A rickshaw puller receives fare via QR payment direct to his mobile wallet; a farmer secures a microloan through his transac- tion-verified credit score; a shopkeeper restocks inventory through mobile app orders and digital payments. Each taka spent or earned is recorded, building financial identities and unlocking new opportunities for all.
This is not science fiction or a scene from Back to the Future, it is the unfold- ing story of a Cashless Bangladesh. But significant challenges remain: low smartphone penetration, limited financial literacy, a cash-reliant culture, and inadequate infrastructure. Our dependence on cash comes at a high cost as well. Bangladesh spends roughly Tk 200 billion annually managing cash, printing, sorting, transporting, insuring, and securing it. In 2023, over Tk 2.8 lakh crore was circulating in cash, and each Tk 1,000 note costs about Tk 5 to print, not to mention smaller denomina- tions.
To accelerate the shift to digital, we must act boldly. The government should spearhead a sector-wise transformation, beginning with a cash-free healthcare system, accepting only QR codes, e-wallets, or card payments. Incentivise businesses with tax rebates and preferential access to government services when they go fully digital. Banks must intensify investments in digital infrastructure: adopt a mobile-first approach, onboard merchants, launch user-centric products, and enable seamless, secure digital
A Cashless Bangladesh is not an aspiration, it is a strategic imperative for transparency, inclusion, payments. economic efficiency, and growth. The future is knocking and we must open the door now. And we must build the runway first before the plane can take off.
