Bangla QR is a secure platform with no scope for transaction irregularities: Finance minister

Bangla QR is a secure and encrypted platform, leaving no scope for fraud or irregularities in transactions through the system in the future, Finance Minister Amir Khosru Mahmud Chowdhury has said.

He made the remarks today (1 October) at an event to inaugurate Dutch-Bangla Bank's Bangla QR code service at Banani Kachabazar.

"Cash transactions need to be reduced, and we need to gradually move away from cash. This initiative has been taken to bring everyone into digital transactions," the minister said.

Highlighting the facility of receiving payments directly into accounts at any bank through Bangla QR, Amir Khosru said workers and small businesses would also be able to conduct transactions easily through the system.

He said the system had been developed keeping small businesses and the general public in mind.

"There is no charge for transactions through Bangla QR. Regardless of which bank the account is with, the transaction amount will be deposited into the respective account," he said.

The minister acknowledged that new systems can face some initial problems.

"When something is started for the first time, there may be problems with the system. Other countries have also faced such issues when introducing digital transactions. But these problems will gradually be resolved, and in the future there will be no scope for irregularities," he said.

Amir Khosru said Bangla QR was not an invention of any single country and that QR-based payments were already being used in various countries.

He said the system had been introduced to make transactions easier for ordinary people and expand the reach of digital payments.

The initiative aims to bring more people into the modern financial system by expanding the use of digital transactions, he added.