Bangladesh has launched the TakaPay card, its first national debit card, in an effort to reduce dependence on international payment systems and conserve foreign currency. Initiated by Bangladesh Bank and unveiled by the Prime Minister of Bangladesh, the card is a collaborative effort of Brac Bank PLC, The City Bank Ltd, and Sonali Bank PLC. TakaPay can be used for ATM cash withdrawals, point-of-sale transactions, and e-commerce payments, ensuring secure and reliable transactions through the national payment switch operated by Bangladesh Bank.
The move towards a sovereign domestic payment system is also aimed at promoting cashless transactions within Bangladesh. Bankers believe the TakaPay card will reduce reliance on international card schemes like Visa and Mastercard, leading to cost savings for customers. The card’s use may eventually expand to India. The launch marks a significant milestone in the country’s banking sector and supports its journey towards a technologically equipped and self-reliant “Smart Bangladesh.”
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