Fueling a Cashless Future

Dr. Md. Touhidul Alam Khan 
Managing Director & CEO
NRBC Bank PLC.

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NRBC Bank has embedded Bangla QR into our flagship app PLANET. Our targets for the next 24 months include onboarding 150,000+ micro-merchants and converting at least 50% of active retail account holders into regular QR users.

As Bangladesh accelerates its journey toward a digitally connected economy, Bangla QR is emerging as a cornerstone of the country’s cashless transformation. In this interview with The Daily Star, Dr. Md. Touhidul Alam Khan, Managing Director & CEO of NRBC Bank PLC, discusses how Bangla QR is expanding financial inclusion, empowering micro-merchants, strengthening payment security, and fostering collaboration across banks, mobile financial service providers, and fintech companies.

The Daily Star (TDS): How do you perceive the role of Bangla QR in driving Bangladesh’s transition toward a truly cashless society?

Dr. Md. Touhidul Alam Khan (MTAK): Bangla QR is more than technology, it’s a social equalizer. Previously, payment systems were fragmented, forcing merchants to display multiple provider QR codes. Bangla QR replaces that fragmentation with a single, EMVCo-compliant national standard, enabling full interoperability across banks and MFS providers. By lowering costs, removing the need for POS hardware, and turning basic smartphones into payment terminals, it makes digital payments universal, low-friction and affordable, key prerequisites for advancing Bangladesh toward the central bank’s vision of a cashless nation.

TDS: What strategies are being deployed to simplify the merchant onboarding process for street vendors and neighbourhood grocers, and how does adopting Bangla QR help formalise their businesses?

MTAK: We have simplified onboarding via Personal Retail Accounts (PRA) and streamlined e-KYC, allowing informal micro-merchants to register quickly with just their NID and a biometric-verified mobile number. Using Bangla QR creates a digital transaction trail, making previously cash-only merchants visible to formal finance.

TDS: What robust security standards and fraud-prevention mechanisms are integrated into the Bangla QR framework to protect users and build long-term consumer trust?

MTAK: Security is central. Bangla QR follows EMVCo standards using dynamic cryptographic tokens instead of storing plain account data, preventing skimming and replay attacks. We augment this with real-time confirmation alerts, SMS and in-app notifications, and devices like IoT soundboxes that audibly confirm payments.

TDS: Despite the immense potential, what are the primary technical and operational hurdles currently facing the ecosystem, and how are they being resolved?

MTAK: Key technical issues include system latency and transaction timeouts during peak loads; operationally, settlement and reconciliation across multiple providers can create mismatches. We are addressing this by modernizing API gateways, deploying cloud-ready middleware to handle high concurrency, and working with Bangladesh Bank to improve settlement windows. Operationally, automated reconciliation desks using AI resolve clearing mismatches quickly to minimize merchant disruption.