EBL to provide Bangla QR payments
Eastern Bank Ltd might introduce an interoperable quick response (QR) payment program using mVisa platform found in August so as to expedite the expansion of cashless transactions in the country.
The lender is the first bank in Bangladesh that will start the contactless payment approach by method of using the platform of Visa, one of the global leaders in digital payments technology.
Paying for goods won't need point of sales (POS) terminals by shops or other areas.
Clients must just use mobile phone banking apps associated with their debit and bank cards to scan QR codes displayed by merchants.
Bangla QR payments allows interoperability and more comfort to customers for making contactless payments utilizing their smartphone devices whatever the purchase size, said Ali Reza Iftekhar, managing director of Eastern Lender.
Customers can pay in any mVisa enabled QR merchant across the world, that will set a milestone in the payment industry of Bangladesh, he said.
The transaction method will encourage people to keep social distancing, that may also help curb the coronavirus pandemic.
Bangladesh Bank has recently drawn up relevant recommendations for the payment program, terming it Bangla QR.
All lenders including Eastern Bank must follow the application form while introducing the repayment method.
A few loan providers and a mobile financial service have previously introduced the QR payment system in the united states but Eastern Bank's effort gives a boost to the financial sector to popularise the digital purchase function, said another official of the lender.
He explained that nearly 80 per cent of the debit and bank cards issued by banks were now predicated on the Visa network.
Banks issued 1.93 crore debit cards and 15.99 lakh credit cards as of April this season.
Eastern Bank, among the top credit card issuer banks in the united states, begins the payment system in the beginning with the addition of 2,000-3,000 merchants to its QR payment system.
The lender has so far issued a complete of 5 lakh cards, including 1.60 lakh credit cards.
Clients will make payments at areas which range from outlets of different makes to grocery shops.
Clients will have to employ EBL SKYBANKING, the financial application of Eastern Lender, to stay transactions through the QR repayment method.
Any bank can simply launch the services by method of completing the QR issuing certification.
