Tk150cr digital transactions expected in smart cattle markets

Stakeholders are expecting cashless transactions worth Tk150 crore in temporary smart cattle markets on the occasion of Eid-ul-Azha this year with the inclusion of four new smart markets.

Last year, the transaction was Tk33.4 crore in six smart cattle markets in Dhaka North.

This year, four more smart markets will be set up – two in Dhaka North and two in Chattogram, said guests at a press conference organised at Kazir Deuri Senakalyan Convention Hall in Chattogram on Tuesday.

Chattogram City Mayor Md Rezaul Karim Chowdhury was the chief guest at the press conference moderated by MasterCard Bangladesh Country Manager Syed Mohammad Kamal. Bangladesh Bank Executive Director ABM Zahurul Huda was present as a special guest.

Shah Ziaul Haque, additional director of the Payment System Department of Bangladesh Bank, presented the overall picture of the management of the cashless programme.

It was informed in the press conference that 99 lakh animals were sold in Eid-ul-Azha in 2022, worth Tk22,000 crore. Of this amount, 3.5 lakh animals, worth Tk2,500 crore, were sold online and paid digitally.

Last year, 250 farmers and traders were brought under the smart service, which has increased to 10,000 this year.

So far, farmers of 26 districts have been brought under the cashless system by the Department of Livestock Services and Bangladesh Bank.

The smart market will have digital booths where anyone can open a new account. Buyers and sellers can use ATMs, MFS, digital banking, etc.

The speakers said smart markets will reduce the risk of cash transactions. In addition, a digital footprint of transactions will be created. Traders making record sales can get various services and assistance, including loans on easy terms, in future. Besides, fraud through fake notes will also reduce.

Bangladesh Bank Executive Director ABM Zahurul Huda said, "To make Bangladesh a smart country in keeping with the fourth industrial revolution, we need to make our payment system smart."

The government has set a target of making 27% of transactions cashless by 2027 in a bid to build a smart Bangladesh.

Recently, the Bangladesh Bank has undertaken a big plan to spread Bangla QR codes across the country to develop a digital transaction system further to realise a cashless society.

Transactions will be conducted digitally through 10 banks, four MFS providers and three international payment schemes – AB Bank, Bank Asia, Brac Bank, Eastern Bank, IFIC Bank, Islami Bank Bangladesh, Mutual Trust Bank, Pubali Bank, The City Bank and United Commercial Bank, Amex, MasterCard and Visa Inc, bKash, Nagad, Upay and mCash.