‘Payment System & the perspective of Digital Payment in

Bangladesh’
Sandip Sarker, Md. Asiful Haque, Amran Mia, Shihab Sharar Mukit & Md. Saiful Islam

Abstract:
This paper investigates the evolution and impact of digital payment systems in Bangladesh, taking into account
both global trends and local nuances. Using data from the World Development Indicators, Financial Access
Survey, and the Global Findex Database, the study explores factors influencing digital payment adoption. The
paper examines Bangladesh's digital payment infrastructure, focusing on key systems like BACPS, BEFTN,
NPSB, and RTGS, administered by the Payment Systems Department under Bangladesh Bank. It also discusses
factors influencing digital payment adoption, including smartphone proliferation, internet accessibility,
government initiatives, and user education. Bangladesh Bank's efforts to promote cashless transactions and its
ambitious goal of achieving 75% retail transactions digitally by 2027 are highlighted. The study demonstrates
the growing importance of digital payments in Bangladesh, citing potential contributions to economic growth
and alignment with Sustainable Development Goals. It also outlines various challenges, such as limited internet
access and unreliable power supply, and recommends policy measures and training to overcome these obstacles
and harness the full potential of the digital platform economy.
Keywords: Digital payments, Bangladesh, Internet, Economic Growth, infrastructure.

1
1. Introduction:
Over the past thirty years, advances in digital technology and communication have greatly changed
the way we handle money. These changes have made payment systems more efficient, affordable, and
available to more people in countries worldwide. The COVID-19 pandemic has also played a
significant role in increasing access to digital payments and formal financial institutions. According to
the (World Bank, 2021), the percentage of people with bank accounts or access to mobile money
services has increased from 51% in 2011 to 76% in 2022 globally. Notably, this growth has been
widespread, with 34 countries experiencing double-digit increases in account ownership since 2017,
not just in China and India. Additionally, the pandemic prompted over 40% of people in low- and
middle-income countries (excluding China) to make their first-ever in-person or online card, phone, or
internet payments to merchants. Today, around two-thirds of people worldwide send and receive
digital payments, and this trend is especially noticeable in developing economies, which have seen a
rise from 35% in 2014 to 57% in 2021. In the last 50 years, the widespread use of digital payments
has changed how people pay for things and how businesses handle their daily transactions. Digital
payments make it convenient and secure for customers to access their money and reduce the need for
handling cash for businesses (Zandi et. al, 2016). Moreover, digital payment systems also promote
financial inclusion by offering formal financial services to people who don't have access to traditional
banks. This leads to a positive economic cycle where increased spending leads to more production,
more jobs, and higher incomes. The adoption of these systems is driven by the convergence of various
factors, including technological advancements, changes in consumer behavior, and government
policies (Chaveesuk et al., 2021). Scholars have delved into the marketing perspectives, intentions,
and actual usage patterns of digital payment systems, especially in the retail sector, to understand the
factors contributing to their adoption and success (Chaveesuk et al., 2021). Additionally, discussions
on the state and future prospects of digital payment systems have been integral in understanding the
broader financial industry transformation (Radenković et al., 2023). Bangladesh, a country with a
burgeoning population and a growing middle-class segment, has not remained untouched by the
global trends in digital payments. As in many other developing economies, the adoption of digital
payment systems in Bangladesh offers the promise of financial inclusion and economic growth. The
country has seen significant progress in the proliferation of digital payment systems, which are slowly
replacing traditional cash transactions. This transition holds the potential to enhance financial
efficiency, reduce the informal economy, and empower a more substantial portion of the population by
providing access to financial services. However, the successful integration of digital payments into the
country's economic fabric presents a unique set of challenges and opportunities.
This paper aims to provide a comprehensive exploration of the payment system in Bangladesh,
focusing on the emergence, evolution, and impact of digital payment methods. By synthesizing the
existing literature and drawing upon the experiences of other countries, we seek to elucidate the key
drivers and impediments to the adoption of digital payment systems in the context of Bangladesh.

2
Furthermore, we will assess the implications of these systems on economic growth, financial
inclusion, and consumer behavior, considering both the global trends and the specific characteristics
of the Bangladeshi market.
2. Literature Review:
The adoption and integration of digital payment systems have transformed the global financial
landscape, with particular significance in emerging economies like Bangladesh. This literature review
explores the insights provided by various research papers on the topic of digital payment systems,
focusing on their impact, adoption, and acceptance in the context of Bangladesh.
Several studies have examined the factors influencing the adoption of digital payment systems.
Chaveesuk, Khalid, and Chaiyasoonthorn (2021) provided a marketing perspective on the intention
and actual use of digital payment systems in the retail sector. Their study highlights the critical role of
marketing strategies in shaping consumer intentions and actual usage of digital payment methods. In
Bangladesh, where the transition to digital payments is significant, understanding consumer
perceptions is essential. Pandey (2022) conducted an empirical survey focusing on consumer
perceptions of digital payment systems. The findings of this study offer valuable insights into the
factors that impact consumer choices in adopting digital payment methods.
Trust is a crucial factor in the adoption and continued usage of digital payment systems. Goel and
Nath (2020) explored the impact of trust on continuance intention in the newly remonetized and
digitized era. Their research emphasizes the importance of trust-building mechanisms in ensuring the
sustained use of digital payment systems in an evolving financial landscape. The expansion of digital
payment systems has also contributed to financial inclusion in Bangladesh. Ahmed and Hasan (2021)
discussed Bangladesh's journey towards digital financial inclusion, highlighting the role of FinTech in
expanding access to financial services in the country. This paper underscores the broader socio-
economic impact of digital payment systems in Bangladesh. The adoption of digital payment systems
is influenced by cultural and demographic factors. Al-Okaily et al. (2020) examined the determinants
of digital payment systems' acceptance under cultural orientation differences, emphasizing the role of
cultural factors, such as uncertainty avoidance, in shaping acceptance behavior.
In India, a neighboring country with cultural similarities to Bangladesh, Banerjee and Pradhan (2022)
studied the influence of demographic profiles on the adoption of digital payment systems. Their
research indicates the importance of tailoring strategies to specific demographic groups when
promoting digital payment methods. Digital payment systems have not only transformed consumer
behavior but also disrupted traditional markets. Miglionico (2023) discusses the role of digital
payment systems in market disruption. This paper emphasizes the need for businesses and financial
institutions to adapt to the changing landscape. Technological aspects play a critical role in the
development of digital payment systems. Novaes and Hartmann (2020) provided an overview of the
Brazilian digital payment system, emphasizing the legal, business, and technological dimensions. This
paper underscores the need for a holistic understanding of the technological underpinnings of digital

3
payment systems. Kesavan and Srinivasan (2023) conducted a historical and bibliographic
examination of the present state and future directions of digital payment systems. This paper provides
a comprehensive overview of the evolution of digital payment systems, shedding light on their growth
and potential future trajectories. The acceptance of digital payment systems is also influenced by
uncertainty avoidance. Alkhwaldi et al. (2023) utilized a structural equation modeling approach to
study the relationship between uncertainty avoidance and acceptance of digital payment systems.
Their research contributes to a deeper understanding of the psychological factors influencing
adoption.
In conclusion, the literature on digital payment systems in the context of Bangladesh reveals the
dynamic and multifaceted nature of this technological transformation. From consumer behavior and
trust to cultural and demographic influences, these studies collectively provide valuable insights that
can inform the development and promotion of digital payment systems in Bangladesh and similar
emerging economies. The impact of digital payment systems extends beyond convenience and
efficiency, shaping financial inclusion and economic growth.
3. Methodology:
Our study is based on data we gathered from various external sources, like the World Development
Indicators, the Financial Access Survey, The Global Findex Database 2021 and data from the
Bangladesh Bank. We mainly focused on the Financial Access Survey data from the IMF to analyze
our findings. Using this data, we created charts and graphs to show how digital payments have been
changing in Bangladesh over time.
4. Digital Payment Infrastructure in Bangladesh:
In Bangladesh, the way we make payments has significantly changed over the last decade. Digital
payments are becoming more popular, and people are using contactless and cashless methods more
often. The COVID-19 pandemic has also sped up the growth of digital payments. With today's tech-
savvy generation relying on online services for convenience, the country is experiencing a big boom
in digital services. As more businesses go online, payment methods are becoming more digital and
diverse. The Payment Systems Department (PSD), operating under the authority of the Bangladesh
Bank Order 1972, aims to make financial transactions smoother and ensure the flow of money in the
economy. It also works on creating new rules and regulations to encourage innovative payment
systems in the country. Founded in 2012, the PSD primarily focuses on setting up advanced and
effective systems for interbank payments, clearing, and settlements. Additionally, the department is
responsible for overseeing the laws, regulations, licenses, and the overall functioning of payment
systems. Operational functions of Payment system department of Bangladesh Bank are given below.
 Bangladesh Automated Cheque Processing Systems (BACPS): BACPS, started in
October 2010, is a high-tech system for processing checks. It uses electronic imaging to present
and pay paper-based instruments like checks, pay orders, dividends, and refunds. BACPS works

4
 in batches, handling both High-Value (checks of Tk. 5,00,000 or above) and Regular-Value
checks. The cutoff time for High-Value checks is 12:00 for presentment and 15:00 for returns.
For Regular-Value checks, it's 12:30 for presentment and 17:00 for returns.
 Bangladesh Electronic Funds Transfer Network (BEFTN): BEFTN, launched in
February 2011, is Bangladesh's first paperless electronic interbank funds transfer system. It
handles both credit and debit transactions, including payroll, remittances, bill payments, and
more. Government payments, like salaries and social benefits, are processed through BEFTN.
It's faster and more convenient than traditional check payments.
 National Payment Switch Bangladesh (NPSB): NPSB, operational since 2012, connects
banks for account and card transactions. It covers ATM, Point of Sale (POS), and Internet
Banking Fund Transfer (IBFT) transactions. Mobile financial services interoperability is also
being considered. Many banks are part of NPSB for ATM and POS transactions, making it
easier for customers to access their accounts. There are transaction limits for both individuals
and institutions to ensure security.
 Real Time Gross Settlement System (RTGS): Introduced in October 2015, the BD-RTGS
system allows real-time settlement of high-value payments. It's used by banks and corporations
for instant payment transactions. As of October 2021, more than 10,810 branches of scheduled
banks are connected to BD-RTGS, with this number steadily increasing. This system enhances
the speed and efficiency of large value transactions.
Payment System Aug-19 Aug-23 Increase/Decrease
ATM 147074 262097.3 +78.21%
POS 13883.5 28141.2 +102.70%
CRM 1733 105164.5 +5968.35%
E-Commerce 1770.5 14809.4 +736.45%
Source: Bangladesh Bank, Payment System, 2022

Growth of Digital Payment System

14809.4
E-Commerce
1770.5
Types of Digital payments

105164.5
CRM
1733
28141.2
POS
13883.5
262097.3
ATM
147074
0 50000 100000 150000 200000 250000 300000
Value (In million BDT)

Aug-23 Aug-19

5
From the above graph we can see that the total volume of transactions using digital payment system
has increased substantially over the last three years.
5. Factors Influencing Digital Payment Adoption in Bangladesh:
Factors that currently influence the adoption of digital payments in Bangladesh encompass a
multifaceted landscape shaped by various economic, technological, regulatory, and sociocultural
elements. These factors play a pivotal role in determining the rate and extent of digital payment
adoption in the country:
 Smartphone Proliferation: The increasing ubiquity and affordability of smartphones among
the population have emerged as a cornerstone for digital payment adoption in Bangladesh. As
more individuals gain access to smartphones, they are empowered to engage with digital
payment platforms conveniently.
 Internet Accessibility: Widespread availability of cost-effective internet connectivity,
predominantly in urban areas, constitutes a critical prerequisite for the adoption of digital
payments. The presence of high-speed internet is instrumental in facilitating users' access to and
utilization of digital payment solutions.
 Government Initiatives: Government policies and initiatives geared toward promoting digital
financial inclusion and diminishing cash-centric transactions exert a profound impact on the
pace of digital payment adoption. Bangladesh's government has undertaken several measures to
advance digital payment adoption in recent years.
 Mobile Banking Services: The presence of accessible mobile banking services, such as bKash
and Rocket, has been a catalyst for digital payment adoption. These services simplify the
accessibility of digital financial tools and facilitate their adoption among a diverse user base
(Khatun et al. 2021).
 Trust and Security: The assurance of robust security and trustworthiness of digital transactions
is pivotal in fostering user confidence. The deployment of robust cybersecurity measures,
encryption protocols, and secure authentication systems is imperative to engender trust among
digital payment users.
 User Education and Awareness: A significant proportion of the population, particularly in
rural areas, may lack awareness regarding the benefits and availability of digital payment
solutions. Comprehensive educational and awareness campaigns are pivotal in bridging this
knowledge gap.
 Merchant Acceptance: The willingness of merchants to embrace digital payments holds
paramount significance. A wider network of businesses, encompassing both large and small
enterprises, that endorse digital payments enhances the attractiveness of these methods for
consumers.

6
  Regulatory Framework: The regulatory framework governing digital payments can either
stimulate or hinder their adoption. An effective regulatory approach should strike a balance
between ensuring security and encouraging innovation.
 Cultural Influences: Cultural norms and preferences can play a substantial role in determining
payment methods. Some segments of the population may have a cultural inclination toward
cash-based transactions, rooted in traditional practices.
 Infrastructure Development: The continual development of essential infrastructure, such as
Point of Sale (POS) terminals, underpins the adoption of card-based and mobile-based
payments.
 Digital Wallet Providers: Companies offering digital wallet services exert significant influence
on adoption rates. Their marketing efforts, ease of use, and accessibility have a direct bearing on
the adoption of digital payment solutions.
 Financial Inclusion Initiatives: Efforts to expand financial inclusion by extending formal
financial services to unbanked or underbanked populations serve as a driving force behind
digital payment adoption in Bangladesh.
In the contemporary landscape of Bangladesh, these factors collectively shape the dynamics of digital
payment adoption. While significant progress has been made, ongoing efforts are required to enhance
infrastructure, improve financial literacy, and fortify cybersecurity measures to further accelerate the
adoption of digital payments across the nation.
6. Initiatives From the Central Bank to Promote Cashless Transactions:
In recent years, Bangladesh Bank (BB), the central bank of Bangladesh, has taken significant
initiatives to promote cashless transactions across the country. The primary goal is to transition from a
cash-dependent economy to a cashless one, thereby improving financial inclusion and reducing
reliance on international card networks. The initiatives are:
 Introduction of 'Bangla QR': Bangladesh Bank introduced the 'Bangla QR,' an interoperable
QR code, to promote cashless transactions in both urban and rural areas. This uniform digital
payment method allows clients to make payments for purchased goods and services through
various mobile banking applications, mobile financial services (MFS), or payment service
providers (PSP). The move aims to provide a convenient and secure cashless payment option,
catering to the growing preference for digital transactions among the population.
 Relaxation of Rules for Personal Retail Accounts: To further boost the adoption of Bangla
QR in rural areas, BB relaxed rules for opening personal retail accounts for micro and
underprivileged businesses. This change allows a broader range of clients to use the QR code as
a payment method, making it more accessible.
 Transition to Bangla QR: Bangladesh Bank has urged banks and MFS providers that have
already introduced QR codes to transition to the Bangla QR system by December. This

7
 transition supports the interoperable method, ensuring a standardized approach to digital
payments.
 Goal of 75% Retail Transactions Digitally by 2027: BB has set an ambitious goal of settling
at least 75% of retail transactions through digital technologies by 2027. To achieve this, the
central bank will rely heavily on the Bangla QR system, a crucial step in transforming the cash-
based economy into a cashless one.
 Introduction of National Debit Card 'Taka Pay': In a significant move to reduce reliance on
international card networks, Bangladesh Bank has launched the 'Taka Pay,' the country's first
national payment system. Initially, it will be used for domestic transactions, and there are plans
to launch a 'taka-rupee card' for cross-border transactions with India. This initiative will reduce
the costs associated with using international payment schemes and strengthen the country's
economic autonomy.
 Awareness Programs: To ensure the success of these initiatives, it is essential for both
Bangladesh Bank and commercial banks to conduct extensive awareness programs among
clients. This will help clients feel comfortable with digital transactions and drive greater
adoption.
Bangladesh Bank's initiatives to promote cashless transactions, including the introduction of Bangla
QR and the Taka Pay national debit card, represent significant steps toward a cashless economy. These
measures aim to enhance convenience, reduce costs, and boost financial inclusion, aligning with the
global trend towards digital payment systems. By 2027, Bangladesh Bank envisions a future where
the majority of retail transactions are conducted digitally, marking a substantial transformation in the
country's financial landscape.
7. Current scenario of Digital Payments in Bangladesh and its Contribution:
The Financial Access Survey (FAS) is an initiative overseen by the International Monetary Fund
(IMF) that functions as a comprehensive database and survey tool. Its primary purpose is to
systematically gather, analyze, and offer globally consistent data concerning the accessibility and
utilization of financial services by both individuals and businesses across diverse nations. The FAS
encompasses a broad spectrum of financial services, encompassing banking, insurance, and credit,
among other facets. In line with the 'Financial Access Survey 2022', we have extracted pertinent
graphical representations relating to the state of digital payment systems within the context of
Bangladesh.

8
 Number of mobile money transactions (during the reference year)
4,500,000,000
4,000,000,000
3,500,000,000
3,000,000,000
Value in BDT

2,500,000,000
2,000,000,000
1,500,000,000
1,000,000,000
500,000,000
0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Year

Value of mobile money transactions (during the reference year) (% of

GDP)
25.00%

20.00%
Percentage

15.00%

10.00%

5.00%

0.00%
2010 2012 2014 2016 2018 2020 2022 2024
Year

Received wages: through a mobile phone (% of wage recipients, age

15+)
14% 13%

12%
10%
Percentage

8%
6%
4%
4%
2% 1%

0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Year

9
 Made or received a digital payment (% age 15+)
50% 45%
45%
40% 34%
Percentage 35%
30%
25%
20%
15%
8%
10%
5%
0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Year

The aforementioned graphs reveal a discernible upward trajectory in the adoption of digital payment
methods within the Bangladeshi market, signifying a favorable trend. Digital payments have emerged
as a significant driver of economic growth in Bangladesh, with the potential to boost the country's
GDP by 1.7% as stated by a report from the United Nations-based Better Than Cash Alliance.
According to the report digital payments in Bangladesh can contribute to the following ways.
 Digital Payments and GDP Growth: The report indicates that the adoption of digital payments
can contribute an additional $6.2 billion (Tk 50,058 crore) annually to Bangladesh's economy,
equating to a 1.7% increase in the GDP. Notably, 53% of this economic growth is projected to
stem from the digitization of just 30% of micro-merchant transactions in the retail sector. A
further 45% will result from the digitization of credit disbursements in the agricultural sector,
with the remainder coming from scaling digital wages in the informal ready-made garments
(RMG) sector.
 Responsible Digital Payments and Sustainable Development: The focus on responsible
digital payments, particularly prioritizing women, is seen as crucial for aligning with the SDGs
by 2030. The report stressed the country's economic progress over the last decade and the
aspiration to rank among the top 25 global economies by 2035. Building a cashless society is a
pivotal aspect of this vision.
 Digital Bangladesh Vision: The report commended Bangladesh's progress towards its Digital
Bangladesh vision. Over five years, digital transactions have surged from 5% to 20%,
demonstrating a four-fold increase. Additionally, the digital ecosystem has demonstrated
resilience in the face of the COVID-19 pandemic, delivering social safety payments, wages, and
stimulus packages digitally. The alliance expressed its commitment to further collaboration with
Bangladesh to advance digital payments, particularly for women, and to share lessons from
Bangladesh's experience with the global community.
 National Digital Payments Roadmap: To guide these digital payment initiatives, the
Bangladesh government has released the National Digital Payments Roadmap 2022-2025. This

10
 roadmap outlines 22 solutions to build a secure, interoperable, and inclusive digital payments
ecosystem in key sectors, including ready-made garments (RMG), retail, agriculture, health, and
education.
8. Difficulties & Challenges:
 There are several challenges in developing and expanding the digital platform economy in
Bangladesh.
Lack of Access to Computers and Internet: Limited access to computers and the internet in
Bangladesh restricts digital payment adoption, especially in rural areas, where many lack the
necessary tools for online transactions.
 Unreliable Electricity Supply: Frequent power interruptions in the country disrupt digital
payment processes, leading to user frustration and impacting the reliability of online
transactions.
 Slow Internet Speed: Slow and unreliable internet connections hinder the efficiency of digital
payments and online businesses, affecting user experience.
 Limited Technical Skills: Many individuals in Bangladesh lack the technical skills needed to
compete effectively in the global digital platform economy, inhibiting opportunities for
participation and growth.
 Poor English Language Skills: Inadequate English language proficiency among workers can
limit their ability to communicate and collaborate with international clients, restricting global
engagement.
 Low Card Proliferation: The limited use of credit and debit cards in the country poses a
challenge for online payment systems, as many digital transactions rely on card-based
processes.
 Payments from Abroad: The absence of global payment portals like PayPal creates
difficulties for Bangladeshi digital platform workers in receiving payments from international
clients, impacting their income and global trust.
 Funding Constraints: To ensure the sustainability of the digital platform economy, innovative
funding models must be explored, and fiscal incentives may be required to encourage growth.
 Insufficient Foreign Investment: Attracting foreign investment is critical for the development
and success of digital platforms in Bangladesh, as it can provide the necessary capital for
expansion and innovation.
9. Conclusion & Recommendation:
The digital platform economy is rapidly gaining significance in Bangladesh, offering new
opportunities for businesses and individuals, particularly in the wake of the COVID-19 pandemic.
However, to fully realize its potential, building trust and confidence among users is essential. The
absence of clear policies related to the monetization of mobile applications and a lack of proper

11
training for workers in the digital platform economy are hindrances that need to be addressed. It is
clear that Bangladesh has the potential to harness the benefits of this digital transformation, especially
with its young and dynamic population. Therefore, prioritizing the digital platform economy in the
policy agenda is crucial to ensure that Bangladesh remains competitive in the era of the fourth
industrial revolution.

12
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