Mutual transactions will be in bKash, Nagad

Mutual transactions will be in bKash, Nagad

Introduce the facility of interoperability between mobile financial service providers (MFS).

As a result, MFS companies like bKash, Rocket, MCash and UCash will be able to transact among themselves from now on.

Not only that, transactions can be done with any major bank from any mobile bank.

On Thursday, Bangladesh Bank issued instructions in this regard.

The fee for this service has also been specified. However, at the consumer level, there will be no new charges. However, the cost of withdrawing money remains the same as before.

Asked about this, Shamsuddin Haider Dalim, head of the communications department at bKash, the country’s largest mobile financial services provider, said, “This is another step towards digital banking services in the country.”

“We have been ready for a long time. Now I will start the official work.

The circular sent to the chief executives of all the banks said that the inter-operability or mutual (live) transaction facility will be introduced between the banks and MFS institutions which have successfully completed the pilot testing from Tuesday, October 27.

Banks and MFSs that have not yet completed the preparations for inter-operability will have to complete the preparations by March 31 next year and start the mutual transaction facility.

At present money can be sent from one bank to another. But money cannot be sent from one MFS to another.

In other words, bKash customers could not send money in Nagad or rocket, Nagad customers could not send money in bKash or rocket, rocket customers could not send money in bKash or rocket. Now you can send it.

Therefore, the new service is being launched through National Payment Switch Bangladesh (NPSB) at the initiative of the Central Bank.

However, bKash, Rocket and Nagad have already introduced the facility of taking money from banks themselves. And from bKash, money is going to be sent to private cities, BRAC and Agrani Bank.

Bangladesh Bank says that in case of transfer of funds from one MFS provider’s account to another MFS provider (P-to-P), the recipient MFS provider will pay the sender MFS provider a fee of zero point 60 percent of the total transaction amount. In addition, transfer of money from bank account as MFS and from MFS account as bank, in both cases the concerned MFS provider will pay the concerned bank zero point 45% of the total amount transacted.

For reciprocal transactions, participating banks and MFS will not be able to charge any additional transaction fee at the customer level.

In case of transactions in mutual system, the transaction limit prescribed as per the variant of the respective bank / MFS account will be applicable.

The coronavirus epidemic has greatly increased people’s reliance on MFS institutions. Now the account of these services is being opened at home. Money is also going to be brought from the bank account. And shopping, service bill payment, mobile recharge and other benefits are available at home.

According to the central bank, at the end of last August, the number of MFS subscribers had reached 92.9 million, while the number of agents had crossed one million. In August, the transaction was 41 thousand crore.

In August, Tk 104 crore expatriate income was distributed through MFS, salary and allowances were paid Tk 1,063 crore.

The purchase has been 1 thousand 60 crore. Services bills like gas and electricity have been paid Tk 908 crore.

Source : bdnews24