From cash to QR, Meghna Bank sees the next payment opportunity 

For decades, cash has been at the centre of everyday transactions in Bangladesh. While mobile financial services, digital banking and card payments have changed the way people transact, cash remains deeply embedded in both consumer and business activity. Bangla QR has the potential to change that equation, but its success will depend less on the technology itself and more on how effectively the ecosystem around it develops.

From a payments perspective, I believe Bangla QR's biggest challenge is not technology, but adoption. For merchants, particularly small businesses, the proposition has to be clear. They need lower costs, faster settlement and a tangible business benefit from accepting digital payments. Customers, meanwhile, need a payment experience that is simple, reliable and consistent — anytime and anywhere through their mobile phones.

There is also a need to expand the use of Bangla QR beyond consumer payments. Merchant-to-merchant transactions and everyday retail payments should become a bigger part of the ecosystem. Once money can circulate seamlessly across different parts of the payment ecosystem, Bangla QR can help reduce dependence on cash, improve business efficiency and become an everyday payment method rather than simply another option.

For small merchants, the message has to be straightforward: Bangla QR should make running a business easier, not more complicated or cause delays. It can reduce the need to handle cash during and beyond transaction windows, provide instant transaction records and improve security. Over time, it can also potentially help merchants build a digital financial profile, which could give them better access to formal financial services.

But merchants will not adopt the system simply because it is available. Costs have to remain low, settlement needs to be fast — ideally instant — and the payment process must be reliable. If merchants can see a clear financial benefit, adoption is more likely to happen naturally and grow organically.

At this stage, I would say Bangla QR is doing both things: it is reducing cash dependency in some segments while also functioning as another payment option. However, the shift is happening at a significantly low pace. It has started reducing cash dependency in certain areas, but it has not yet fundamentally changed everyday payment behaviour.

The real test is whether customers begin using Bangla QR repeatedly for small and routine purchases. That is where the difference will be made. To move beyond being just another payment option, we need wider merchant acceptance, reliable transactions, low costs and stronger integration across the broader digital payment ecosystem.

The larger objective is to build towards a cashless society. That could also have implications beyond individual transactions, including reducing the costs associated with printing banknotes and the movement and management of physical cash.

For Bangla QR to compete effectively with cards and mobile financial services, I believe it needs to compete on three things: convenience, reliability and economics.

The payment journey needs to be as fast and seamless as using a card or an MFS platform. At the mass level, widespread access to mobile phones and internet connectivity is unavoidable to make this possible. At the same time, merchants need low costs and faster settlement.

Wider acceptance across everyday retail and stronger interoperability between banks and MFS providers are also essential. One crucial area is settlement. Instant or the fastest possible settlement among the associated parties can make a significant difference, particularly for small merchants.

It is high time we gave serious thought to how banks can perform settlement on a real-time basis without constantly having to worry about settlement fund management. If the system can address that issue effectively, it can remove one of the practical barriers to adoption.

Ultimately, Bangla QR will become mainstream when it is not simply another payment option, but the simplest and most convenient way to pay.

That also brings us to the question of merchant fees. I think the focus should be on making Bangla QR economically attractive for small merchants. A low or zero fee for low-value, everyday transactions could accelerate adoption, while a sustainable pricing model could be maintained for larger-value transactions and value-added services.

The objective should be to strike a balance between merchant affordability and the long-term sustainability of the payment ecosystem. If the cost of accepting digital payments becomes a barrier for a small business, adoption will naturally remain limited.

There is another important opportunity here for banks. Bangla QR can provide a much clearer picture of how a small business actually operates. With the right consent and privacy safeguards, transaction data can help banks understand sales and cash-flow patterns.

That information could allow financial institutions to offer more relevant products and services, including loans, working capital facilities, invoice finance and other business services. In other words, the transaction history created through digital payments could eventually become part of a small business's formal financial profile.

I believe Bangla QR has the potential to become a backbone of a fully cashless retail economy, but QR technology alone cannot make that happen.

A truly cashless retail economy requires wider merchant acceptance, reliable infrastructure, low transaction costs and seamless interoperability across banks and MFS providers. Most importantly, we need affordable and reliable internet connectivity at every level, including rural and marginal segments of the population.

If these fundamentals are addressed, Bangla QR can become a cornerstone of Bangladesh's digital payment ecosystem. The objective should not simply be to offer people digital payment options. It should be to make digital payments the natural way to transact.

If I had to identify the most important changes that could accelerate adoption, I would prioritise three: near-zero fees for low-value transactions, instant settlement, and reliable and affordable mobile connectivity.

For small merchants, margins are tight and cash flow is critical. If Bangla QR can reduce their transaction costs, put money into their accounts instantly and work reliably wherever they operate, accepting digital payments becomes a clear business advantage rather than an additional burden.

That is ultimately what will drive mass adoption. The technology already provides the foundation. The next step is making the entire experience work for the people and businesses expected to use it every day.