Midland Bank launches blind notch ‘TakaPay’ card

Midland Bank PLC has recently launched a blind notch card, branded "TakaPay", for its customers.

Introduced under the directives of Bangladesh Bank, the TakaPay card is Bangladesh's own payment card, designed to reduce dependence on foreign currencies and simplify local transactions. It functions primarily as a debit card, intended exclusively for domestic use.

Md Ahsan-uz Zaman, managing director and CEO of Midland Bank PLC, unveiled the card at a ceremony held at the bank's head office in Dhaka, according to a press release.

At present, the card can be utilised at POS (Point of Sale) terminals and ATMs, with e-commerce transactions expected to be enabled shortly, as indicated by Bangladesh Bank.

The card aims to make local market transactions more convenient and cost-effective, providing secure payments for both online and offline purchases. Transaction costs are anticipated to be lower than those of international cards.

By promoting the use of TakaPay, reliance on foreign currencies will decrease, positively impacting the national economy. For instance, banks currently pay annual fees to Visa or Mastercard in foreign currency, which depletes reserves and raises costs; TakaPay eliminates this requirement.

During the ceremony, the placards of the specially designed TakaPay card were also unveiled.

Md Zahid Hossain, deputy managing director of the bank; Nazmul Huda Sarkar, chief technology officer; Md Rashed Akter, head of retail distribution division; and Md Abed-Ur-Rahman, head of cards, were also present, along with other senior officials from both organisations.