Interoperability in digital fund transfer to prevent fraud: Palak
Although digital transactions have been increasing over the last few years, fraudulent activities are eroding people's confidence in going cashless. However, much optimism is being generated for the upcoming arrival of an Interoperable Digital Transaction Platform (IDTP).
The government is introducing the IDTP to reduce fraud, harassment and cost in financial transactions, said State Minister for ICT Zunaid Ahmed Palak yesterday.
The new system will make all accounts of banks, mobile financial services (MFS) and payment system providers interoperable this year, a development that will allow people to move funds effortlessly in real time and at lower costs.
According to a central bank document, the government will cough up Tk 56 crore to set up the IDTP.
"The IDTP will help people transact money without using their account number, which will subsequently reduce fraudulent activities," Syed Mahbubur Rahman, managing director of Mutual Trust Bank, told The Daily Star last week.
This is especially relevant considering the fact that the threat of contracting coronavirus through handling cash has already got people from all walks of life increasingly embracing digital payment tools, giving a major boost to cashless transactions.
Transaction through the MFS rose 41 per cent year-on-year to Tk 53,598 crore in November.
The issuance of credit cards stood at 16.31 lakh as of October, up 8.73 per cent year-on-year. The number of debit cards grew 8.70 per cent to 2.10 crore.
Palak also said the main philosophy of the government's "Digital Bangladesh" concept was to reach all government services through the best use of information technology to the people.
He was addressing a celebration at ICT Tower in Dhaka on the ICT Division securing first place among all government ministries and divisions for its annual performance in the fiscal 2019-20.
NM Zeaul Alam, senior secretary to ICT Division, Hosne Ara Begum, managing director of Bangladesh Hi-Tech Park Authority, Parthapratim Deb, executive director at Bangladesh Computer Council, and ABM Arshad Hossain, director general at the Department of Information and Communication Technology, also spoke.
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