Prime Minister Sheikh Hasina today launched local currency card TakaPay to reduce dependency on international card schemes like Visa and Mastercard and save much-needed US dollars.

Bangladesh Bank introduced the card, the first of its kind in the country.

PM Hasina inaugurated the card from the Gono Bhaban. She was connected virtually with the headquarters of state-owned Sonali Bank, private City Bank and Brac Bank.

The three banks have been given responsibility to issue the TakaPay card in collaboration with the central bank.

TakaPay will provide services nationally through the use of "The National Payment Switch of Bangladesh", an electronic payment platform operated by the BB.

Initially, the card can be used within the country. Later the central bank will introduce Taka-Rupee card which can be used for shopping in neighbouring India.

Electronic transfer of taka is done through Visa and MasterCard payment networks of business institutions including banks and other financial institutions.

These entities offer branded payment processing services for credit, debit, and prepaid cards. Domestic card 'TakaPay' will provide the same service, the BB sources said.

At the inauguration, a video documentary on the TakaPay was screened.

Two freedom fighter customers of Sonali Bank withdrew money from City Bank's ATM using TakaPay Card.

Central bank governor Abdur Rauf Talukder was present among others at the Gono Bhaban.

Prime Minister's Principal Secretary M Tofazzel Hossain Miah moderated the function, while BB Governor Abdur Rouf Talukder delivered welcome address. BB Executive Director Mezbaul Haque presented different aspects of the national card scheme "TakaPay".

Sonali Bank Managing Director Afzal Karim, Brac Bank Managing Director Selim RF Hussain and City Bank Managing Director Mashrur Arefin at their offices demonstrated the use of TakaPay card, online payment and withdrawal of money from ATM where the users received the services.