Cashless economy should benefit all, not create 'incomeless' society: Debapriya

A cashless economy should not transform into an incomeless economy; rather, it should act as a catalyst to generate income for those outside formal employment, said Debapriya Bhattacharya, distinguished fellow of the Centre for Policy Dialogue (CPD).

He made the remark while delivering the keynote speech at the Cashless Bangladesh Summit 2025, jointly organised by the Institute of Cost and Management Accountants of Bangladesh (ICMAB) and Mastercard at the Sonargaon Hotel in Dhaka today.

Bhattacharya stressed that Bangladesh must pursue a system-wide and integrated approach to digital transformation, addressing both technological and social barriers.

He suggested policy incentives such as tax rebates, Merchant Discount Rate (MDR) waivers for small vendors, and direct incentives for micro-merchants to promote digital transactions.

Bhattacharya underscored the need to diversify the payment ecosystem by expanding mobile financial services (MFS) beyond cash-in/cash-out operations, including their acceptance in roadside shops outside Dhaka and in informal sectors such as readymade garment salary payments.

He said collaboration among banks, fintechs, telecoms, and private institutions would be crucial in designing inclusive and accessible solutions.

Looking ahead, Bhattacharya identified Bangladesh Bank as the lead institution to regulate, monitor, and facilitate a secure and interoperable cashless ecosystem.

He recommended forming a central taskforce to coordinate initiatives across banks, fintechs, telecoms, and ministries to ensure compliance, foster innovation, and reduce cash-handling costs, which are currently estimated at around Tk 20,000 crore annually.