The ‘Taka Pay’ card is being launched today, the Prime Minister will inaugurate it

The ‘Taka Pay’ card is being launched today, the Prime Minister will inaugurate it
The ‘Taka Pay’ card is being launched today, the Prime Minister will inaugurate it
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These cards will be similar to Visa and MasterCard. Bangladesh Bank is launching it primarily for internal use in the country. Gradually, through this, Taka-Rupee cards will also be introduced, through which neighboring countries will be able to transact in India.

The country’s first own national card scheme ‘Taka Pay’ is being launched today on Wednesday. Through this, the country’s reliance on foreign cards and massive foreign exchange savings will be saved, the central bank said.

These cards will be similar to Visa and MasterCard. Bangladesh Bank is launching it primarily for internal use in the country. Gradually, through this, Taka-Rupee cards will also be introduced, through which neighboring countries will be able to transact in India.

Currently, most of the neighboring countries have their own cards. They are India’s card ‘Rupee’, Pakistan’s ‘Pakpay’, Sri Lanka’s ‘Longcup’ and Saudi Arabia’s ‘Mada’.

Prime Minister Sheikh Hasina will inaugurate the card in a virtual ceremony at Ganobhaban on Wednesday. Finance Minister AHM Mustafa Kamal, Bangladesh Bank Governor Abdur Rauf Talukder and others will be present there.

Transactions can be done through this card immediately after the inauguration. Apart from the new bank account, old bank account can also be availed through this card. However, in this case, you can suspend the previously taken debit card against the account and take the service of ‘Taka Pay’ card. This information is known from the sources of Bangladesh Bank.

The ‘Taka Pay’ card will provide the same service nationally through the use of ‘National Payment Switch’, an electronic payment platform operated by Bangladesh Bank. Customers can also take this card against their existing bank account.

According to sources, initially 8 banks will issue this card on a pilot basis. Later other banks can also issue. The banks are BRAC Bank, United Commercial Bank, City Bank, Sonali Bank, Eastern Bank, Islami Bank, Dutch-Bangla Bank and Mutual Trust Bank. But today Sonali, BRAC and City Bank are issuing this card. Later the remaining 5 banks will issue.

According to Central Bank sources, the services which are being received through visa and master card of business institutions including banks or other financial institutions. The same service will provide ‘Taka Pay’ card.

In this regard, an official of the relevant department of Bangladesh Bank said that currently the country’s banks use the International Payment Scheme (IPS) to provide necessary customer services such as handling and settlement of debit card transactions. However, companies such as Visa, Mastercard, Amex, JCB, Discover and Union Pay provide these services.

He said that the number of cards issued and transactions through international institutions are increasing. Banks of the country have to pay huge amount of foreign currency fees to foreign institutions to avail these services. Therefore, Bangladesh Bank took the initiative to introduce ‘National Debit Card’ to reduce the dependence on international institutions and to reduce the loss of foreign currency of banks.

Bangladesh Bank says that there was no national card based payment system in the country. National Card Scheme ‘Taka-Pay’ is providing independent, cost-effective, convenient card-based payment system for the masses in Bangladesh. It will further enhance the technical capacity of Bangladesh’s payment system and protect the country’s economy from adverse conditions.

A garment worker will pay his monthly contribution to the Universal Pension Scheme from Sonali Bank Plc through Taka-Pay Debit Card at the inaugural function. Besides, a customer from BRAC Bank Plc will purchase a transport ticket online and a freedom fighter from The City Bank will withdraw his allowance from the ATM.

Earlier, in the post-budget press conference on June 2, Governor Abdur Rauf Talukdar announced the initiative of Bangladesh Bank to issue a National Debit Card.

He said, “In our country, there are debit cards or credit cards from Visa, Master or external companies. We did not have any card of our own. Its users were restricted. The fees that are paid go out a lot. We are making a national debit card. All banks And financial institutions will use a card. If it becomes popular, we think the use of this card instead of cash will increase.”

The governor also said that with this card, customers can use it as a debit card in Bangladesh. You can make any purchases. When you go to India again, you can spend 12 thousand dollars in travel quota with this card.

The article is in Bengali

Tags: Taka Pay card launched today Prime Minister inaugurate

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