Cashless Transactions Could Save Bangladesh Billions : Seminar Highlights Benefits of Digital Payments

Most people in Bangladesh still rely on cash for transactions, costing the government a staggering 170,000 crore BDT annually. This amounts to 3.24% of the country's GDP. The use of cash leads to an average per capita expense of 9,938 BDT each year.

These details were presented at a seminar organized by Bangladesh Bank on Wednesday at the Rajshahi Prison Training Center Auditorium. The event, focusing on the "Cashless Bangladesh" initiative, was led by BRAC Bank as the lead bank.

The seminar emphasized the importance of cashless transactions in promoting financial inclusion in the country, ensuring faster and more convenient banking services for consumers.

According to Bangladesh Bank, if the country transitioned to cashless transactions, the government's expenditure would be reduced to only 5,964 crore BDT, which is just 0.11% of the GDP. The use of cash is reported to be 28.5% more expensive than digital transactions.

The seminar also highlighted that cashless payments are not only instant but also secure and cost-effective. By shifting to digital payments, the government could save a substantial amount of money. In fact, Bangladesh Bank is working towards a goal of achieving 95% cashless transactions within the next 10 years. To further this initiative, seminars, discussions, exhibitions, and campaigns are being held to raise awareness about the benefits of digital payments, such as using the Bengali QR code and other digital payment methods. These activities will play a key role in creating a cashless ecosystem in Bangladesh.

Business owners, customers, bank officials, students, and local residents participated in the seminar. Earlier in the morning, a colorful procession was organized from the training center to the city. The seminar will continue at Rajshahi University on Thursday, with sessions on various aspects of digital transactions. In addition, awareness campaigns, roadshows, and promotional activities are being conducted throughout the two-day event.