Bangladesh is rapidly progressing towards a cashless society as internet-based banking (iBanking) surged by Tk 508.73 billion, a 110% increase to nearly a trillion, from July to April 2024. The total transactions through virtual banks reached Tk 971.172 billion, driven by convenience and time savings for account-holders who prefer electronic transactions over physical visits. The number of iBanking customers rose to 8.52 million, up by over 1 million within the period. This trend accelerated during the COVID-19 lockdowns in 2020, initially boosting online transactions. The Bangladesh Bank’s initiatives like BD-RTGS and BEFTN, along with increased smartphone usage, facilitated this growth. Despite benefits, security risks like cyber-attacks and fraud remain a concern, prompting banks to enhance digital security measures and educate customers against sharing OTPs and PINs. Bangladesh’s transition includes innovations like the Bangla QR code, facilitating retail transactions amid broader digitization efforts.
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