Transactions through digital banking gradually increasing
The volume of ATM transactions exceeded Tk212.50 billion in October, compared to Tk202.66 billion in the previous month
Transactions through digital and paperless banking sector in Bangladesh are gradually increasing with an expansion of the prevalence of ATMs, POS terminals and CRMs, according the Bangladesh Bank.
After overcoming all challenges due to the July-August uprising of 2024, transactions through Automated Teller Machine (ATM), Points of Sale (POS), Cash Deposit Machine (CDM) and Cash Recycling Machine (CRM) in urban and rural areas of the country have witnessed an upward trend.
According to the central bank data, the number of the ATM booths increased to 13,021 in October 2024, up from 13,016 of the previous month.
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The volume of ATM transactions exceeded Tk212.50 billion in October, compared to Tk202.66 billion in the previous month.
This reflects a 4.86% increase in transaction volume for the month.
The number of ATM booths in rural areas till October was 3,896, which is nearly 30% of the total 13,021 booths across the country.
In October, transactions conducted through CRM installed by banks in the country increased by more than 11.80%, reaching Tk147.25 billion compared to over Tk 131.71 billion recorded in September.
This CRM offer clients with convenient options for instant money deposition, withdrawal and transfers.
The data shows that the cash transfer at the POS of the banks and financial institutions also increased to Tk2.22 billion in October, reaching Tk31.86 billion compared to over Tk29.64 billion recorded in September.
POS is a system which is operated by a machine in the shops to tap the banks or financial institutions' debit or credit card for transferring money to make payment for shopping.
The data shows that the cash transfer through e-commerce also increased to Tk1.05 billion in October, reaching Tk19.73 billion compared to over Tk18.68 billion recorded in September.
The data also shows that total cash transactions through ATM, POS, CRM and e-commerce increased to Tk28.65 billion in October, reaching Tk411.35 billion compared to over Tk382.70 billion recorded in September.
According to the BB data, the number of CDM in the country decreased to 204 in October from 214 in September.
Abdul Quaium Chowdhury, deputy managing director of Premier Bank PLC, said Bangladesh's economy has reached an inflection point in digital finance with the adoption of mobile financial services and digitalisation of banking facilities in the country.
"The Premier Bank is committed to fostering financial inclusion and catalyzing the transition towards a digitally enabled economy in Bangladesh," he added.
