Photo: thedailystar.net
Bangladesh's National Payment Switch to Enable Cross-Platform Fund Transfers from Nov 1
Starting November 1, Bangladeshs National Payment Switch will allow seamless cross-platform fund transfers among banks and digital wallets like BKash and Nagad, enhancing interoperability in financial services.
- From November 1, 2023, the National Payment Switch Bangladesh will enable seamless digital transactions across platforms, allowing transfers between BKash, Nagad, and banks.
- This initiative, overseen by Bangladesh Bank, aims to bolster the payment system by improving interoperability among various financial services, facilitating easier access for users.
- Currently, users can send funds between banks and MFS providers, but the new system will allow direct transfers from Nagad to BKash and vice versa, expanding digital wallet capabilities.
Why It Matters
This development represents a significant step towards a more integrated financial ecosystem in Bangladesh, fostering enhanced user convenience and promoting a cashless economy through improved digital wallet interoperability.