No change for the bus fare, a tea stall with 'no change': digital payment could ease these familiar problems. According to a report in Amar Desh, if a plan to launch a new phase of 'Bangla QR' from 1 November goes ahead, the system could also be used for person-to-person (P2P) payments.
Bangladesh Bank launched its 'One Country, One QR' initiative on 6 January 2021 so that banks and mobile financial services could share a single QR code. Scanning the code with a phone app shows the payee and lets the user confirm the amount and pay, so each provider no longer needs its own code. The report cautions that Bangladesh Bank's official instructions on the new phase's start date, scope and terms must be followed.
Where transport accepts QR payment, a passenger could pay the fare by phone; tea stalls, vegetable vans, pavement shops and barbers could use it too. But the service will not switch on by itself for every bus, shop or person; the provider must take part and have a working payment set-up.
Digital payment saves time, reduces the risk of carrying cash and leaves a record of every transaction, making accounts easier to keep. Small traders could reconcile daily takings, and if such records come to count towards creditworthiness, their access to loans could improve, though a payment record alone will not guarantee a loan; real income and ability to repay will still be assessed.
The biggest challenge is cyber security: fake QR codes, phishing, fraudulent calls, account takeovers and theft of personal data. Patchy internet and unreliable networks in parts of the country are another obstacle. More digital payments will not by themselves end tax evasion or corruption, the report says; that needs effective law, data checks and accountability.
Photo: Bangladesh Bank / Wikimedia Commons (public domain); Bangla QR logo
Source: Amar Desh
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