Prime Bank’s Bangla QR transaction volume has surged 25-fold over the past three years, a milestone the bank sees as validation of its long-running investment in digital banking and a sign that Bangladesh’s shift towards a less-cash economy is beginning to gather pace.
The growth follows the bank’s steady expansion of Bangla QR acceptance across retailers, restaurants, healthcare providers, educational institutions and SMEs, alongside deeper integration of the interoperable payment platform into its internet banking, mobile banking and card ecosystem.
For Faisal Rahman, CEO of Prime Bank PLC, the experience has demonstrated that digital payments gain traction when they become convenient, secure and affordable rather than simply available.
“Our experience shows that when digital payments become convenient, secure and affordable, customer adoption increases naturally,” Faisal Rahman said in an interview with TIMES of Bangladesh.
“We view Bangla QR as a key enabler of financial inclusion and merchant digitisation.”
Prime Bank, he said, has remained at the forefront of Bangladesh’s digital banking journey, continuing to invest significantly in internet banking, mobile banking, card services and Bangla QR as the country’s payment landscape evolves.
Through the bank’s MyPrime mobile banking app, customers can make payments at any Bangla QR-enabled merchant – from neighbourhood grocery stores and restaurants to hospitals, educational institutions and SME businesses – providing a secure, instant and affordable payment experience for everyday transactions.
Faisal Rahman believes the app’s greatest strength lies in its simplicity. Even the smallest merchant can begin accepting digital payments without investing in expensive infrastructure, lowering one of the biggest barriers to digital payment acceptance.
As adoption expands, he expects a meaningful reduction in Bangladesh’s dependence on cash while improving financial inclusion, tax compliance and business transparency.
Cashless as an economic strategy
For Faisal Rahman, the significance of Bangla QR extends well beyond payments.
“I firmly believe that a cashless economy is no longer an option—it is a strategic imperative for Bangladesh’s future,” he said.
As Bangladesh’s economy becomes increasingly digital and interconnected, the way people make and receive payments must evolve as well, he argued. Digital payments enhance efficiency, improve transparency, reduce the cost of handling cash and help bring more people and businesses into the formal financial system.
For a growing economy like Bangladesh, that transformation is essential to achieving sustainable and inclusive growth.
Ultimately, Faisal Rahman said, building a cashless society is not just about technology.
“It is about creating a smarter, more productive and more resilient economy.”
Bangladesh has made remarkable progress in digital financial services over the past decade, he noted. Yet cash continues to dominate everyday transactions, particularly across the retail and SME segments.
He believes Bangla QR can accelerate the transition by offering a simple, interoperable and low-cost payment solution that works seamlessly across banks and mobile financial service (MFS) providers.
That eliminates the need for merchants to maintain multiple QR codes or invest in expensive point-of-sale devices, making digital payment acceptance affordable even for small businesses.
For Prime Bank, Bangla QR has therefore become more than another payment channel. Faisal Rahman described it as a strategic platform for accelerating Bangladesh’s digital economy.
He believes wider adoption of Bangla QR will not only reduce reliance on cash but also enhance transaction transparency, improve business efficiency and support Bangladesh’s vision of building a smart, inclusive and digitally empowered economy.
Building the ecosystem
Despite the momentum, Faisal Rahman believes achieving a truly cashless economy requires considerably more than technological innovation.
Drawing on more than 26 years in Bangladesh’s banking industry, he argued that the next stage demands a collaborative national effort.
The first priority is expanding digital payment acceptance so every merchant—from large retailers to small neighbourhood shops – can easily accept Bangla QR and other interoperable payment solutions.
Digital and financial literacy, he said, are equally important to building consumer confidence and encouraging the regular use of electronic payments.
Strong cybersecurity, robust consumer protection and reliable digital infrastructure must continue evolving alongside innovation, while supportive policies and incentives for both merchants and consumers could significantly accelerate adoption.
Prime Bank, he said, is contributing to that effort by investing in secure digital banking platforms, expanding its Bangla QR merchant network and promoting digital payment awareness across the country.
Looking ahead, the bank plans to significantly expand Bangla QR acceptance among SMEs, micro-businesses and rural entrepreneurs, where Faisal Rahman believes digital payments can have the greatest impact.
Prime Bank will continue integrating Bangla QR seamlessly across its mobile banking, internet banking and card ecosystems to ensure customers enjoy a simple, secure and interoperable payment experience. At the same time, it is investing in merchant onboarding, customer awareness and digital financial literacy so businesses of every size can confidently embrace cashless transactions.
Today, Prime Bank serves a large and growing base of retail and business customers through its nationwide branch network and digital banking platforms.
Leveraging that strong franchise together with partnerships across the payment ecosystem, the bank aims to substantially increase Bangla QR transactions while contributing meaningfully to Bangladesh’s vision of a smart, inclusive and less-cash economy.
Faisal Rahman stressed that no single institution can deliver that transformation alone.
“The journey to a cashless Bangladesh is not the responsibility of banks alone,” he said.
“It requires close collaboration among regulators, financial institutions, fintech companies, merchants and customers.”
Prime Bank, he added, remains committed to supporting Bangladesh’s digital transformation and helping shape a future where every citizen and every business can participate confidently in the digital economy.
