Bangla QR payments to reach merchants instantly from Oct 1

The Bangladesh Bank has instructed banks, mobile financial service (MFS) providers, payment service providers and payment system operators to ensure instant credit of Bangla QR payments to merchants from October 1 this year.

The central bank issued the directive yesterday to make digital transactions more popular and customer-friendly and encourage merchants to accept digital payments. Under the previous rules, financial institutions providing Bangla QR services credited transaction proceeds to small and marginal merchants immediately.

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However, the timeframe for large merchants would be determined on the basis of service provider-merchant relationships and other relevant risks.

From the start of October, all payments made through Bangla QR must be credited immediately to the respective merchant accounts, according to the latest directive.

The central bank also instructed banks, MFS providers and payment service providers to display the Bangla QR payment icon, as prescribed, at the bottom-centre position of their mobile apps’ home pages, near the users’ thumb zone.

By October 31, the service providers must enable customers to make payments not only by scanning Bangla QR codes but also by uploading QR code images.

They must also enable all savings and current account holders, including cardholders, to make payments by scanning Bangla QR through their mobile apps by the same deadline.

The instructions were issued under Section 18(2) of the Payment and Settlement Systems Act, 2024.