Three banks yesterday launched the TakaPay card, the first ever national debit card, which is expected to reduce dependency on international payment schemes and save foreign currency.

Initiated by Bangladesh Bank, Prime Minister Sheikh Hasina unveiled the card at a launching ceremony at her Ganabhaban residence yesterday, reports national news agency BSS.

Brac Bank PLC, The City Bank Ltd and Sonali Bank PLC were the three banks that launched the card, which can be used for cash withdrawals from ATMs, point of sales machines and e-commerce transactions, said a press release by Brac Bank.

 "Transactions with the card will be conducted through the national payment switch operated by Bangladesh Bank. So, the transactions will be safe, secure and reliable. It will also be affordable, convenient and easy to use," it added.

Speaking on the occasion, the prime minister said TakaPay is another step towards building Smart Bangladesh.

She said this sovereign domestic payment system is also an initiative for going cashless in Bangladesh, reports BSS.

Bankers said the national debit card will reduce reliance on international card schemes such as Visa and Mastercard and thereby save foreign currencies.

Bankers said TakaPay card will be primarily used for domestic transactions and later its use will be expanded to India.

Bangladesh Bank Governor Abdur Rouf Talukder and other central bank officials were present at the launching event.

 "We, along with the entire nation, are proud of the launch of TakaPay as this is Bangladesh's first ever national card scheme. This card will make the banking sector more equipped and self-reliant regarding technology," said Brac Bank Managing Director and CEO Selim RF Hussain.

"Besides, it will save transaction costs for customers. We think this is a big milestone for the banking sector as it will help the country take a step towards Smart Bangladesh," he added.