The country’s financial sector has witnessed a wide disparity between the number of mobile phone subscribers and the people making electronic payments due to lack of availability of electronic payment solutions.
This gives an estimate about the potential headroom for introducing innovative, interoperable electronic payment solutions in Bangladesh.
This was discussed at a roundtable titled “Building Payment Ecosystem for Digital Bangladesh: Challenges and Opportunities’’, held in Westin Dhaka Sunday evening.
The Association of Bankers, Bangladesh (ABB) in collaboration with the Daily Star organised the roundtable.
During the roundtable, the bankers urged the Bangladesh Bank to give a choice for routing transaction, and not only through NPSB. Also ensure interoperability at broader payment ecosystem.
Globally, the payment ecosystem is rapidly evolving with an increasing penetration of connected devices, they mentioned.
This roundtable helped to strategies the policy for building a payment ecosystem in Bangladesh, which will be interoperable, safe, reliable and all relevant stake holders have a level playing field.
The discussant discussed about giving the option to banks to choose, how to route domestic POS & ATM transaction, rather not mandating to route it through National Payment Switch only.
Discussants also discussed, it is always risky to have a single point of failure, rather payment ecosystem should have multiple fallback options.
Renowned experts, policymakers, banking sectors practitioners, international schemes from both home and abroad, took part in the discussion.
Tom Crawford, Public Policy Advisor, FTI Consulting, Washington DC, was the keynote speaker of the roundtable. Dianne Rajaratnam, Asia Pacific Lead at Better than cash alliance also spoke at the roundtable.
The programme was moderated by Piyal Islam, FBCCI President Md. Shafiul Islam Mohiuddin, Syed Mahbubur Rahman, Chairman, Association of Bankers, Bangladesh, Mahfuz Anam, Editor & Publisher were present at the round table.