Anyone unwilling to deal with the hassle of carrying a large amount of cash to buy sacrificial animals for Eid-ul-Azha can now make their life easier by visiting a cattle market offering cashless transaction facilities.

Around 10 markets, most in Dhaka and Chattogram, are providing such facilities.

Syed Mohammad Kamal, country manager for Bangladesh at Mastercard, said this initiative has been taken to facilitate the acceleration of digital payments.

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High supply, higher price

A digital payment booth has been set up in each of these cattle markets with the facility of a POS machine, two ATMs, MFS services, and an agent banking booth.

The Bangladesh Bank (BB) and Dhaka North City Corporation (DNCC) came up with the initiative and jointly organised an event titled "Smart Haat" at the former's auditorium yesterday.

DNCC Mayor Atiqul Islam, BB Deputy Governor Kazi Sayedur Rahman, and other officials of banks and city corporations were present at the event.

Of the 10 markets, six fall in the Dhaka North City Corporation and one is in the Dhaka South City Corporation area.

BRAC Bank will provide the cashless service at Bou Bazar cattle market in Diabari of Uttara, while Bank Asia will facilitate proceedings at Sutibhola Khal in Bhatara area.

City Bank, bKash and Nagad will provide the service at Basila cattle market in Mohammadpur while Islami Bank Bangladesh, bKash and Nagad will offer services in Gabtoli of Mirpur.

The digital transaction service will also be given at Eastern Housing cattle market in Mirpur Section 6 and the cattle market near Dhaka Polytechnic Institute respectively by AB Bank, IFIC Bank and Pubali Bank.   

The dwellers under the Dhaka South City Corporation will get the service from Pubali Bank at the Hazaribagh cattle market.

Two cattle markets -- Sagarika and Nur Nagar -- in Chattogram have also been equipped with the digital transaction system by Islami Bank Bangladesh and United Commercial Bank respectively.

Besides, Sonali Bank will provide the digital service in Singra municipality cattle market in Natore.

Kamal said both buyers and sellers would benefit.

"There is risk when carrying money, both for buyers and sellers. So, they will sell or buy cattle without any risk of theft," he said.

Md Kabir Ahmed, a resident from the capital's Indira Road area, was very happy to learn about cashless facilities at the Gabtoli cattle market as he is planning to buy a sacrificial animal from there.

"I don't like carrying cash to cattle markets by risking mugging," he said.

Usually cattle markets are overcrowded ahead of Eid, which presents pickpockets and thieves with the opportunity to steal or snatch money from buyers or sellers, he added.

"We believe cashless transactions in the Eid haat give people security, confidence and comfort while making and receiving payments through cards on such a festive  occasion. We are happy to be part of this digital transformation joining the government's initiative," said Sabbir Ahmed, country manager, Visa Bangladesh, Nepal and Bhutan.

He said the cashless transaction process would help bring most of the people in society into financial inclusion and the ability to pay digitally with confidence.

"We intend to work more closely with the government to take Bangladesh to the next level of economic development, Ahmed added.

Mastercard's Kamal said this is one of the biggest steps to transform the country into "Smart Bangladesh" by 2041 and make it cashless by 2031.

"About Tk 70,000 crore is transacted during the Eid. If we can bring a portion of the money into the digital system, it will be a great achievement," he added.