Power bills can now be paid on some taps on mobile phones, money can be reached in the village, shopping can be purchased in the city shop – everything has become easier because of mobile banking. The need to keep the cash in hand is decreasing, people are becoming accustomed to digital transactions. Apart from sending money, mobile banking has now become part of life in various transactions, from daily shopping. Due to this, the mobile banking subscribers increased by more than 5 crore in February, though the amount of transactions at the same time decreased slightly.
According to the data of Bangladesh Bank, the registered subscribers of mobile banking in January were 25 million 5 lakh. In February it increased to more than 20 million, and in just one month, the new 1 million customers were added. However, even though the customer has increased, transactions have decreased in February. In January, where the transaction was Tk 1 lakh 5 thousand 5 crore, it fell to Tk 1 lakh 5 thousand 5 crore in February.
Analyzing the type of transaction, in February, cash -in or deposited is Tk 1,220 crore, which is less than Tk 1,220 crore compared to January. At the same time, cash out or withdrawn was Tk 1,222 crore, which is less than Tk 1,220 crore compared to January. The transaction of the utility bill is Tk 2,220 crore, Tk. 5 crore for distribution of salary allowance and the amount of merchant payment or purchase of the transaction stood at Tk 8,220 crore. Remittance of Tk.
Bangladesh Bank spokesman and executive director Arif Hossain Khan said, “We are working to convert the country into a cashless society. Mobile Financial Services is playing a major role in this journey. Poor and middle class people, especially outside of banking services, are joining the economic system using MFS. '
The expansion of mobile banking among marginalized people and working people is increasing rapidly. From the drivers, security personnel, domestic workers to garment workers are now using mobile banking to pay salary and send money to their villages. Analysts say the country's economy has been speeding as the dependence on cash is reduced.
Former Chief Economist of Bangladesh Bank Mustafa K Mujeri said that mobile banking is now the most popular medium for the general public for money transactions. It is possible to use it at any time, from any place. Not only transactions, but currently the service, such as savings, borrowing and expatriate income, the possibility of this sector has increased as the MFS comes under MFS.
Mobile Financial Service was launched in Bangladesh in the 21st. The following year, Dutch-Bangla Bank started mobile banking services, and at the same time, with the help of BRAC Bank, development began. At present, six banks and organizations including Bikash, Cash, Rocket, Yucash, My Cash, Shore Cash are providing mobile banking services. Development is still the largest partner in the market. Cash is in second place.
