MFS transactions drop in November
Transactions through mobile financial services (MFS) have decreased slightly in November last year compared to that in the preceding month, showed the latest data of Bangladesh Bank (BB).
The amount dropped by Tk 887.7 crore to around Tk 92,125 crore.
"One of the main reasons…is a reduction in government-to-person (G2P) payments," said Muhammad Zahidul Islam, head of communication at Nagad.
In October, the G2P amount was Tk 1,418.7 crore and it came down to Tk 219.3 crore in November.
Still the MFS industry did well on other parameters, Islam said.
November's transaction amount was a rise of over 17 per cent year-on-year.
Customers' financial behaviour is changing gradually and their digital consumption is also increasing, said Shamsuddin Haider Dalim, head of corporate communications, bKash.
However, due to different situations and certain festivals and events, the overall transaction amount may change slightly from time to time, which is a common phenomenon in the MFS industry, he said.
He said in November, transactions over some MFS services have increased.
This includes merchant payments which offers the convenience of cashless transactions, diversity of online and offline payment points and availability of a maximum number of merchants, Dalim added.
Transactions through the MFS had reached Tk 94,293 crore in June, when Eid-ul-Azha was celebrated.
The transactions were in the form of cash-in, cash-out, person-to-person, merchant payments, government-to-person transfers, salary disbursements, talktime purchases and utility bill payments.
Daily transactions hover at around Tk 3,000 crore. With October having 31 days and November 30, the monthly volume understandably decreased, said Zahedul Islam, head of corporate communications and external affairs at Upay.
He said the G2P payments follow a cycle and October could have been a month for scheduled disbursements.
Durga Puja was also held in October, which could have enabled the transaction amount to be slightly higher, Islam added.
The MFS providers are Rocket, bKash, Nagad, MYCash, Islami Bank mCash, Trust Axiata Pay, FSIBL FirstPay SureCash, Upay, OK Wallet, Rupali Bank SureCash, TeleCash, Islamic Wallet and Meghna Bank Tap n' Pay.
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