Visa yesterday announced that it would launch an interoperable quick response (QR) payment system in Bangladesh within the next one and a half months as part of efforts to expand its business.
Paying for goods will no longer need point of sale (POS) terminals at shops or other places, TR Ramachandran, country manager for Visa India and South Asia, said at a press conference at InterContinental Dhaka.
Clients will have to just use mobile banking apps linked to their debit, credit and prepaid cards to scan QR codes displayed by merchants, he said.
Visa, one of the global leaders in digital payments technology, is working with various banks and partners across the country to enhance the acceptance of digital payments, Ramachandran said.
Ramachandran also thanked Bangladesh Bank for recently drawing up relevant guidelines for the payment system, which the central bank is terming Bangla QR.
Everyday payments in retail and restaurants will be made simpler, cheaper and faster for all, especially considering the fact that merchants have to count $300 to purchase a POS terminal, Ramachandran said.
“We think that there is a great opportunity to expand business in Bangladesh. As only 6 percent clients are making payments through digital platforms,” he said.
The QR payment system will expand rapidly once banks come on board, helping to build a cashless society, Ramachandran said.
He expressed hope that at least 10 to 15 banks and up to 1 lakh merchants would join the initiative within the next six months.