A tea stall owner, a small retailer or a local service provider may not need expensive payment equipment to enter the digital economy if QR-based payments become widely accepted. This is the opportunity Islami Bank Bangladesh PLC sees in Bangla QR as Bangladesh seeks to reduce dependence on cash transactions.
The bank believes its nationwide banking network, combined with its digital platforms, can help take interoperable digital payments closer to customers and merchants across the country.
Islami Bank Bangladesh PLC Acting Managing Director Md Altaf Hossain said the move towards a cashless economy has become a strategic necessity for building a smart, transparent and inclusive financial system.
Hossain holds an MBA in Finance from the Institute of Business Administration (IBA) of Dhaka University and has more than 20 years of experience in banking. Before joining Islami Bank in 2004, he served in senior positions at organisations including BRAC, MIDAS and Grameen Fund.
“A cashless economy is no longer just a convenience — it is a strategic necessity for achieving a smart, transparent and inclusive financial system,” Hossain told TIMES of Bangladesh.
He said digital payments can reduce cash handling costs, improve transaction efficiency and help bring more people and businesses into the formal financial sector. Such transactions can also improve transparency, strengthen tax compliance and reduce risks associated with cash-based payments.
Bangla QR is designed to make this transition easier by allowing customers to use a single QR code across participating banks and mobile financial service providers instead of relying on separate payment systems.
Altaf Hossain said this interoperability can remove fragmentation and make digital payments more convenient for both customers and merchants.
“Bangla QR has the potential to significantly accelerate Bangladesh’s cashless journey by offering a simple, affordable and interoperable payment solution for everyone,” he said.
For small businesses, he said, the system offers an opportunity to accept digital payments without investing in costly payment infrastructure.
Network meets fintech
Islami Bank is seeking to build on its nationwide presence through its digital platforms, including CellFin, mCash and the iSmart app.
The platforms provide services such as fund transfers, utility bill payments, Bangla QR merchant payments, remittances, account management and digital banking facilities. Customers can also pay 114 types of government fees through the CellFin app.
The bank’s approach is to combine technological innovation with its extensive banking network to provide secure, interoperable and Shariah-compliant financial services.
“These fintech initiatives have enhanced customer convenience, improved operational efficiency, expanded financial inclusion and accelerated Bangladesh’s transition towards a cashless, digitally empowered economy,” Altaf Hossain said.
As part of this effort, Islami Bank is integrating Bangla QR across its digital platforms, including CellFin, mCash and the iSmart app, to enable customers to make instant and secure payments through a single QR code regardless of their bank or payment service provider.
The bank is also working to expand Bangla QR acceptance among merchants, SMEs and businesses across the country.
Merchant reach, security key to next phase
Hossain said technology alone would not be enough to create a truly cashless economy. Wider adoption would depend on participation from policymakers, financial institutions, businesses and consumers.
He identified wider merchant acceptance, public awareness, affordable digital payment infrastructure and continued investment in cybersecurity and consumer protection as key requirements for building confidence in digital transactions.
“Achieving a truly cashless economy requires more than technology — it demands strong collaboration among policymakers, financial institutions, businesses and consumers,” he said.
He also highlighted the importance of supportive policies, digital literacy and incentives for both merchants and customers to encourage wider adoption.
Maintaining interoperability will also be critical so customers can transact smoothly across banks and payment service providers without barriers, he said.
“With continued policy support from Bangladesh Bank and close collaboration among banks, fintech companies, merchants and regulators, Bangla QR can become the foundation of Bangladesh’s next phase of digital and cashless economic transformation,” Hossain said.
