BB lifts daily transactions limit thru the 'Bangla QR' code

Bangladesh Bank has lifted the daily transaction limit through the "Bangla QR" code.

From now on, buyers and sellers can make as many transactions as they want using the medium of digital transactions.  Earlier, the maximum daily transaction limit was Tk20,000.

The central bank on Wednesday issued a circular in this regard and sent it to all banks, mobile financial services providers, payment service providers, and payment service operators of the country.

According to the circular, all the banks have to introduce "Bangla QR" code payment systems in their app by 30 June.

However, the Bangladesh Bank on 18 January unveiled the Cashless Bangladesh campaign at the capital's Motijheel area to bring small merchants under a low-cost payment system.

Currently, 10 banks, three mobile financial services, and three international payment gateways have participated in the Bangla QR initiative.

The central bank launched the "Bangla QR" code payment system recently to make all kinds of financial transactions through the master card, credit card, debit, or prepaid card through the app.

By introducing the "Bangla QR" code payment system in the app of banks, customers do not have to scan separate QR codes for different payment networks.

The bank or financial institution will properly verify the suspicious and large transactions and take necessary measures despite the maximum transaction limit lifted. Besides, banks can set their respective limits.

At present, around 1,200 small businesses in the capital's Motijheel area transact with their customers using the "Bangla QR" code.

According to the data of the central bank, on the first day last 18 January, Tk12,534 were transacted with 303 counts of transactions, and Tk1.02 lakh was transacted on 1 February through 453 transactions.

On 4 February, Tk2.45 lakh was transacted, which is the highest amount of transaction to date.