Nagad, the country’s leading mobile financial service (MFS) provider, has launched “Bangla QR” payment services for its users and introduced an instant “Transfer Money” feature that enables seamless fund transfers between personal accounts across all banks and other MFS operators.
With this integration, Nagad joins a nationwide network of nearly 10 lakh merchants under the Bangla QR umbrella, reads a press release.
Aimed at making cashless transactions simpler, safer and more accessible, Nagad formally integrated with the Bangla QR and the National Payment Switch Bangladesh (NPSB) network on Thursday.
The move is expected to provide greater transactional freedom for its millions of customers.
To mark the launch of Bangla QR, Nagad organised a mega event on Thursday morning at the Banani Chairmanbari playground in the capital.
The event was led by Md Motasem Billah, the Bangladesh Bank-appointed administrator of Nagad. Other members of the administrator team, along with more than 400 Nagad officials and employees working in Dhaka, attended the programme.
It was announced at the event that Nagad would continue its efforts to popularise Bangla QR.
Under the new service, Nagad users can make direct payments through the Nagad app by scanning any Bangla QR code displayed at retail outlets, shopping malls, restaurants and local marketplaces across the country. The initiative, introduced by Bangladesh Bank and now delivered to consumers through Nagad, eliminates the need for different QR codes for different banks or MFS operators.
The service is expected to benefit both consumers and businesses. Merchants will no longer need to display multiple QR codes, as a single Bangla QR code will allow Nagad users to make instant payments through their smartphones. This is expected to simplify business operations and reduce barriers to digital payment adoption.
Previously, the country’s digital payment ecosystem was fragmented, with individual institutions using separate QR codes, often creating confusion and limitations for customers and merchants. Bangla QR addresses this challenge by creating a unified payment platform, making digital transactions simpler, faster and more widely accepted.
Alongside Bangla QR, Nagad has also implemented NPSB services. Through this peer-to-peer (P2P) facility, customers can transfer money directly to their Nagad wallets from any bank account or MFS operator in the country. Likewise, they can instantly transfer funds from Nagad to any bank or MFS account.
The interoperability is expected to strengthen connections between traditional banking and mobile financial services, creating a more seamless financial ecosystem. Together, the two initiatives are expected to reduce dependence on paper currency and accelerate the country’s transition towards a cashless economy.
Commenting on the launch, Md Motasem Billah, the Bangladesh Bank-appointed administrator of Nagad, said, “Bangla QR is a revolutionary milestone in making cashless transactions easier, safer, and more cost-effective for both consumers and businesses.
Moving forward, Nagad customers can execute cashless payments in the blink of an eye by scanning a single, unified QR code at any shop, seamlessly pulling small traders into the digital payment network. This single QR-based architecture will play a pivotal role in driving financial inclusion and realising the vision of a ‘Cashless Bangladesh’.”
“Furthermore, the integration with NPSB establishes an instant connection between Nagad and the country’s banking sector. Customers can now execute bidirectional money transfers between Nagad and any bank or MFS account at any time, which will save valuable time by reducing the need for physical bank visits while ensuring 100 percent financial autonomy in their daily transactions,” he added.
While full interoperability among different MFS platforms has long been under discussion, Nagad’s latest initiative provides consumers with broader transactional interconnectivity.
