TAKA PAY CARD

COMMON INTRODUCTION (DEVELOPMENT RELATED) + The Bangladesh Bank has stepped

up efforts to roll out a national card this year in order to cut the country's reliance on international
cards and save foreign currencies. (এই লাইন দিয়ে ফ াকাস এ ঢুকয়েন)
Two committees of the central bank recently started working to introduce the "Taka Pay" card after
Bangladesh Bank Governor Abdur Rouf Talukder hinted about the initiative for the first time on June
18.
What is Taka Pay Card?
The Taka Pay card is a domestic debit card initiated by Bangladesh Bank. It was launched on November
1, 2023 by Prime Minister Sheikh Hasina. The first three banks to roll out Taka Pay cards are Brac
Bank, City Bank, and Sonali Bank.
The Taka Pay card allows holders to:

• Withdraw cash from ATMs

• Make payments at point-of-sale (POS) terminals
• Make online purchases
• Make contactless payments
All transactions are processed through the national payment switch operated by Bangladesh Bank. This
makes transactions using Taka Pay cards affordable, convenient, secure and reliable.
Benefits of Taka Pay Card
Here are some of the key benefits of using a Taka Pay card:

• Sovereign domestic payment system: Taka Pay reduces dependency on international card
schemes like Visa and Mastercard. It promotes use of a national payment system.
• Saves foreign currency: By switching to Taka Pay for domestic spending, Bangladesh can save
millions in foreign currency paid as fees to international card networks.
• Secured transactions: All transactions via Taka Pay cards go through the highly secure national
payment switch system overseen by Bangladesh Bank.
• Lower transaction costs: Banks can offer Taka Pay cards at lower costs compared to Visa or
Mastercard debit cards. This makes digital payments more affordable.
• Promotes digital economy: Taka Pay cards facilitate ecommerce growth, cashless transactions
and financial inclusion in Bangladesh.
• Interoperability: Taka Pay cards are expected to be usable in India as well, promoting greater
interoperability.

Eligibility for Taka Pay Card

• To be eligible for a Taka Pay card, you must:

• Be a citizen of Bangladesh
 • Have a bank account with any commercial bank offering Taka Pay cards
• Provide KYC documents like national ID card, passport, driving license etc. as per bank
requirements
How to Apply for Taka Pay Card
Step 1: Collect Application Form

Step 2: Submit KYC Documents

Step 3: Pay Application Fees

Step 4: Wait for Approval

BINGO

Activating the Taka Pay Card

Once you receive your Taka Pay card, activate it using any of these methods:
ATM activation: Insert the card in any Visa/Mastercard ATM. Enter the OTP/PIN sent to your
registered mobile number to activate.
Net banking/app activation: Some banks allow card activation via their mobile app or net banking
portal.
Branch activation: Visit your nearest branch office with valid ID proof to activate your Taka Pay card.
During activation, you will be prompted to set a PIN for your card. Choose a 4-digit PIN that is easy to
remember but difficult to guess. This PIN will be required for ATM withdrawals and POS transactions.

Using the Taka Pay Card

As a domestic debit card, the Taka Pay card can be used to:
Withdraw cash: Visit any Visa or Mastercard branded ATM in Bangladesh. Insert your card, enter PIN
and withdraw money.
POS payments: Tap or insert your card at Point of Sale terminals to make payments at shops,
restaurants etc.
Online purchases: Use the card details to make payments on ecommerce sites, food delivery apps, travel
booking platforms etc.
Contactless: Make contactless payments by tapping your Taka Pay card at enabled POS terminals or
readers. Transactions under Tk 2000 can be done without PIN.
Check your bank’s guidelines on daily usage and withdrawal limits applicable for Taka Pay cards.

Security Tips for Taka Pay Card

Here are some tips to use your Taka Pay card safely:

• Memorize your PIN and do not share it with anyone, including bank staff.
• Cover the keypad when entering PIN at ATMs or POS terminals.
• Do not respond to unsolicited calls/emails asking for card details.
• Set transaction limits and enable SMS alerts for large transactions.
• Monitor mini statement regularly to identify unauthorized transactions.
• Report lost or stolen cards immediately by calling the bank helpline.
• Update contact details with the bank to receive real-time transaction alerts.
Taka Pay Card – FAQs
Here are some frequently asked questions about Taka Pay cards:

• Is there any charge for getting a Taka Pay card?

Banks may charge a nominal fee of Tk 100-500 for new card applications. This is towards processing
costs. The annual maintenance charges are also minimal compared to international card schemes.

• Can I use my Taka Pay card outside Bangladesh?

As of now, Taka Pay is a domestic card usable only in Bangladesh. It is expected to be usable in India at
RuPay supported POS terminals and ATMs soon. International use is currently not allowed.

• Is the Taka Pay card valid for online payments?

Yes, Taka Pay cards can be used to make payments on ecommerce sites, food delivery apps, travel
portals and other online platforms. Enable the card for online payments via your bank’s app or website.

• What should I do if my Taka Pay card is lost or stolen?

Immediately call the bank’s 24×7 card helpline number. Request them to block the card. You can later
visit a branch office to get a replacement card issued. A minimal charge may apply.

• Can I use my Taka Pay card at Mastercard/Visa POS and ATMs?

Yes, Taka Pay cards are powered by RuPay but can be used on Mastercard and Visa terminals as well.
Look for the RuPay branding when making payments.
Conclusion
The Taka Pay card is a game changing initiative for promoting digital payments in Bangladesh. It
reduces reliance on expensive international card networks and saves foreign currency. By opting for this
national debit card, you support the growth of a sovereign digital payments infrastructure. Follow the
simple application process, use it safely and reap the benefits of fast, convenient digital transactions.

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