PM Hasina to launch 'Taka Pay' card on Wednesday: BB
The card will be issued by state-owned Sonali Bank and private sector BRAC Bank in collaboration with the central bank.
The Bangladesh Bank (BB) will launch local currency card 'Taka Pay', first of its kind in the country, to reduce dependence on international cards and save much-needed US dollars.
Prime Minister Sheikh Hasina will inaugurate the card today. Then 'Taka Pay' will be functional.
The card will be initially issued by Sonali Bank, as well as private sector BRAC Bank and City Bank, in collaboration with the central bank. Later, five other banks—United Commercial Bank, Eastern Bank, Islamic Bank, Dutch-Bangla Bank and Mutual Trust Bank—will also issue the card.
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In addition to new bank accounts, this card can also be used to avail services on old bank accounts. However, in this case, the debit card taken earlier against the account needs to be suspended to avail the services of the 'Taka Pay' card, BB sources said
'Taka Pay' will offer the same service as Visa and Mastercard, but on a national scale via 'The National Payment Switch of Bangladesh,' a BB-operated electronic payment platform.
"Currently, businesses such as banks and other financial institutions rely on international payment schemes to provide essential customer services such as managing and settling debit card transactions. 'Taka Pay' will provide the same service," a BB official said.
"The number and transactions of cards issued by international institutions are growing. Banks in Bangladesh must pay significant foreign exchange fees to foreign institutions to use the services. As a result, to reduce reliance on international institutions and reduce bank foreign exchange outflows, BB took the initiative to launch the National Debit Card," he added.
Initially, 'Taka Pay' will be launched by the central bank for internal use and later 'Taka-Rupee' cards will be launched. Through the card, customers can transact in India.
Bangladesh's neighboring countries also have their currency cards. India has card 'RuPay', Pakistan 'Pakpay', Sri Lanka 'Lankapay'. Saudi Arabia has 'Mada'.
The national card scheme 'Taka-Pay' will create an independent, affordable, and user-friendly card-based payment system in Bangladesh. It will further enhance the technical capacity of Bangladesh's payment system and protect the country's economy from external adverse situations, according to BB.
Earlier, BB Governor Abdur Rouf Talukder announced that the central bank will issue a National Debit Card
