Sheikh Mohammad Maroof
Managing Director and CEO
Dhaka Bank

The Daily Star (TDS): How is Bangladesh progressing in its transition to a cashless economy?

Sheikh Mohammad Maroof (SMM): Nowadays there is a surge in online payments and customers are more inclined towards card and QR transactions. This transition to cashless economy is driven by key factors like government support, growth of MFS, advancement in digital payment systems and digital banking.

Policies and infrastructure development initiatives, such as the launch of Bangla QR, mark a transformative step toward achieving this goal. The rapid adoption of MFS platforms like bKash, Rocket, uPay and Nagad is also playing a crucial role.

Moreover, Bangladesh has witnessed a substantial increase in digital payment infrastructure, with over 120,876 point-of-sale (POS) machines and 153,095 QR codes deployed nationwide. Banks are increasingly offering digital banking solutions through mobile apps and online platforms.

TDS: What innovative steps has Dhaka Bank taken to accelerate the shift toward a cashless economy, and how have they impacted customers?

SMM: Dhaka Bank has introduced several innovative solutions to promote cashless transactions, for instance:

Mobile banking app

The Dhaka Bank GO Plus mobile app provides customers with a seamless digital banking experience, offering fund transfers from account or card, bill payments (utilities, credit cards, etc.), mobile top-ups and recharges, balance inquiries and mini-statements, customised account management, DPS, FDR and more. Currently, Dhaka Bank GO Plus has over 100,000 active users, with a transaction volume of 1,424.75 crore in the year 2024.

QR code payment

Dhaka Bank has introduced a QR code-based payment system, which integrates with Bangla QR and other mobile financial services, ensuring a seamless digital payment experience.

E-commerce payment integration

Dhaka Bank's partnership with e-commerce platforms ensures secure digital payments via cards and bank transfers, boosting cashless transactions. E-commerce accounted for 20% of card transactions last year, with monthly growth continuing.

Contactless debit and credit cards

Dhaka Bank has introduced contactless NFC-enabled debit and credit cards, allowing customers to complete transactions with a simple tap at supported payment terminals.

Enhanced online banking platform

Dhaka Bank continuously upgrades its online banking services, offering real-time banking, instant fund transfers, and detailed transaction insights. Customers gain greater financial control, managing their accounts anytime, anywhere, reinforcing the shift toward digital payments.

TDS:  What policy changes or government initiatives are crucial for making digital transactions more secure, inclusive, and widely adopted?

SMM: The government should implement stricter cybersecurity regulations for digital payment providers, banks, and fintech firms, ensuring data encryption, two-factor authentication, and frequent security audits. Strengthening these measures will reduce fraud risks and boost public confidence. Additionally, standardizing payment systems and expanding Bangla QR integration will enhance accessibility, promoting widespread cashless transaction adoption.

Moreover, the government should offer incentives for banks and fintech firms to expand digital banking while ensuring compliance, innovation, and consumer protection.