Taking payments by Bangla QR code becomes cheaper and faster for merchants from Wednesday, under changes announced by Bangladesh Bank that remove several of the costs attached to the system.
Arief Hossain Khan, executive director and spokesperson for the central bank, set out the measures at a press conference. From October 1, merchants receive settlement instantly rather than waiting for a clearing cycle. The interchange reimbursement fee charged to issuers drops to zero, and the 1 percent minimum merchant discount rate has been scrapped.
In place of those charges, the central bank is paying incentives on smaller transactions: 0.10 percent to acquirers and 0.20 percent to issuers on payments up to Tk 2,000.
The network has expanded sharply since the central bank made Bangla QR mandatory on July 1, requiring banks to retire their own proprietary codes. Around 39 lakh merchant points now accept the format through bank and mobile financial service apps.
Volumes have followed. In June, the system was handling roughly 1 lakh transactions a day worth about Tk 28 crore. It now processes around 3.5 lakh daily transactions worth Tk 143.54 crore, a 3.5-fold rise in volume and a fivefold rise in value across 90 days.
A further change arrives on November 1, when person-to-person transfers become possible by scanning a QR code or uploading an image of one, extending the system beyond merchant payments.
On disputes, the central bank said failed transactions will be refunded immediately and has set up a hotline, 16236, for complaints. Banks that missed the June 30 deadline for replacing proprietary codes were warned they would face penalties.
