Bangladesh mobile financial service providers to launch interoperable transactions

The mobile financial service or MFS providers of Bangladesh are introducing interoperable transactions as part of efforts to encourage cash-free dealings.

Money can be transferred between bKash, Nagad, Rocket and other firms once the interoperable services are fully launched.

The customers will also be able to make transactions between banks and the MFS service providers through the National Payment Switch.

The Bangladesh Bank made the announcement on Thursday, fixing the rates of fees and setting other rules.

An MFS firm will have to pay 0.8 percent of the money received from another firm.

The company from which the customer sends the amount will get the fees.

The fees will be 0.45 percent for transactions between banks and MFS companies.

The customers will not have to pay the new fees. The fees to withdraw money remain same.

The banks and companies that have finished testing the services successfully will begin allowing the transactions on Oct 27.

Those yet to prepare for the launch must start providing the services within Mar 31, 2021.

Initially BRAC Bank’s bKash, Islami Bank’s MCash, United Commercial Bank’s UCash, Al-Arafah Islami Bank’s Islamic Wallet, and Pubali Bank are joining the services.