Cashless in the capital

Although familiar with all sorts of big and small financial transactions with bank cards for years, only a few days ago I learned that even without your bank cards at hand you can move around the city without a hassle.

I invited a friend to a bistro and after ordering a meal I realised I left my wallet at home. Forgetfulness at its height! I panicked and called my man Friday, my driver, to see if he has any cash on him. As I said, he is always my saviour in times of distress. He has a strict order to carry cash whenever I go out, just in case I go overboard while shopping and or get stranded without a wallet.

Well, his contribution that day would not have sufficed but his brilliant rescue plan worked perfectly. He asked for 10 minutes and while I was still eating, he came with the money to pay my bill. I was perplexed: who loaned him the amount? He said, my husband did! They used mobile banking. He sent the money to my driver's account and he took the money out from a nearby vendor.

I was out of my wits. Such a hassle-free immediate solution from being strapped for money to having cash at hand. This was the first time I realised the pleasure of such Mobile Financial Services (MFS).

For old-timers like me, a digital wallet is a difficult concept to fathom but once you get used to it you know that it is hassle-free and there is a reduced risk of theft. You will not attract muggers or pick pocketers, there is no physical cash for someone to steal. Moreover, with these MFS you can purchase from all over the city and country.

Traffic is a big damper to going for physical shopping now and thus online shopping facilities and paying through MFS makes life easier. I just bought the latest book of my favourite writer from a bookstore by just browsing and paying by MFS, which was not possible even a few years back. 

From buying mango from Rajshahi, to getting rolls of khaadi yards from Cumilla or getting buffalo milk curd from Bhola, you can shop from all corners of the country. This makes the lives of people like me easier.

These mobile cashless transaction platforms have become the backbone of the cashless economy in Bangladesh and the country has witnessed rapid growth in cashless transactions in recent years. MFS platforms are making lives easier and rescuing us from any financial misadventure.