Bangla QR payments to be credited instantly from 1 October
The central bank also orders banks, MFS providers and PSPs to make Bangla QR easily accessible in apps and enable QR-image uploads by 31 October.
The Bangladesh Bank has instructed banks, mobile financial services (MFS) providers and payment service providers (PSPs) to credit Bangla QR payments to merchants' accounts instantly from 1 October, replacing the current one-day settlement period.
The central bank issued the directive to the institutions today (17 September) as part of measures to make Bangla QR-based digital payments faster and more convenient.
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From 1 October, banks, MFS providers and PSPs must place the Bangla QR payment icon at the bottom-centre of their mobile app home pages, where users can easily reach it with their thumbs.
By 31 October, the institutions must also enable customers to make Bangla QR payments by uploading an image of a QR code, in addition to scanning it.
Within the same deadline, all savings and current account holders, including cardholders, must be provided with the facility to make payments by scanning Bangla QR codes through their mobile apps.
Bangladesh Bank said the directives aim to popularise digital transactions through Bangla QR, make payments more customer-friendly and encourage merchants to accept digital payments.
The new instant-credit facility will mean merchants no longer have to wait for funds to be credited to their accounts after a Bangla QR payment is made.
