Shaping Bangladesh’s Cashless Future

Sohail R K Hussain
Managing Director
Bank Asia PLC. 

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Our objective is to significantly expand the Bangla QR merchant ecosystem, increase digital transaction volumes, and contribute meaningfully to Bangladesh’s vision of a smart, inclusive, and cashless economy.

Beyond convenience, Bangla QR plays a vital role in advancing financial inclusion by enabling merchants of all sizes, from roadside tea stalls and neighbourhood grocery shops to supermarkets and retail chains, to accept digital payments without investing in costly POS terminals. In an interview Sohail R K Hussain, Managing Director of Bank Asia PLC, discusses how Bangla QR is shaping the future of digital payments in Bangladesh.

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

Sohail R K Hussain(SRKH): Bangla QR is one of the most significant milestones in Bangladesh’s digital payments journey. Creating a unified, interoperable QR payment infrastructure, it allows customers to make payments using any participating bank or Mobile Financial Service (MFS) application through a single QR code. This interoperability eliminates fragmentation and significantly enhances customer convenience.

TDS: How are banks, MFS providers, and fintech companies collaborating to ensure seamless, cross-platform transactions for the end consumer?

SRKH: The success of Bangla QR is rooted in collaboration rather than competition. Under the leadership of Bangladesh Bank, banks, MFS providers, Payment Service Providers (PSPs) and fintech companies operate within a common regulatory and technical framework that enables seamless interoperability. This collaborative model allows merchants to display a single Bangla QR code while customers can make payments using their preferred banking or MFS application, regardless of the service provider.

TDS: How is Bangla QR onboarding simplified for small vendors, and how does it help formalise their businesses?

SRKH: Merchant onboarding must be simple, fast and accessible. Financial institutions are simplifying documentation requirements, introducing digital onboarding and enabling field representatives to register merchants using mobile devices with minimal paperwork with special focus to small businesses, neighbourhood retailers and informal merchants.

TDS: How is Bangla QR onboarding simplified for small vendors, and how does it help formalise their businesses?

SRKH: Bangla QR operates under a secure framework established by Bangladesh Bank. Participating financial institutions protect transactions through encryption, device binding, biometrics, OTPs, AI-assisted fraud detection, and continuous monitoring. Regular compliance assessments further strengthen the ecosystem.

TDS: How is your organisation aligning its digital product roadmap and corporate strategy to champion Bangla QR?

SRKH: At Bank Asia, supporting Bangladesh’s digital transformation is a core strategic priority. We have fully integrated Bangla QR into our newly launched Bank Asia ZEN mobile banking application, enabling customers to make secure, seamless and interoperable QR payments across the country.