Published: 12:14 AM, 15 August 2026
What If Transactions Through Bangla QR Codes Are Made Free?
Amir Mohammed Khosru
The dream of a cashless economy is no longer a distant imagination. To strengthen the foundation of digital transactions in Bangladesh, the Bangla QR system introduced by Bangladesh Bank has already become mandatory nationwide. However, to make this system truly people-oriented and widely accepted, the most important step could be to make transactions through Bangla QR codes completely free. In other words, no service charge or Merchant Discount Rate (MDR) should be imposed on users or merchants. Rather, incentives, cashback, and discounts should be offered instead. Let us think more deeply about what could happen if such a step is taken.
First, it must be understood that Bangladesh is still primarily a cash-based economy. According to recent data, approximately 67 to 72 percent of all transactions in the country are still completed in cash. A huge amount of money is circulating outside the banking channel. The amount of "mattress money," or cash hidden and kept at home, has reached several lakh crore taka. This money does not flow into productive sectors of the economy, does not create credit, does not assist in tax collection, and does not ensure transparency. As a result, the national treasury is affected, the tax-to-GDP ratio remains low, and opportunities for money laundering and the circulation of black money increase.
In this context, the Bangla QR code is a revolutionary tool. It is interoperable. This means that if a merchant has just one QR code displayed at the shop, users of bKash, Nagad, Rocket, or the mobile application of any bank can scan it and make payments. The previous inconvenience of maintaining separate QR codes has been eliminated. However, the problem is that a minimum service charge of one percent is currently imposed on these transactions. Small merchants consider this charge a burden. As a result, many of them still prefer cash transactions. If this charge is completely removed and users are instead provided with incentives, the situation could change dramatically.
Suppose transactions through QR codes are free. On top of that, customers receive some cashback or discount. Ordinary people would then be encouraged to make payments through their mobile phones instead of carrying cash. Small shopkeepers, tea stalls, fruit sellers—everyone would readily accept digital payments because there would be no additional cost for them. Rather, as transactions increase, business would also increase. In this way, dependence on cash would gradually decline.
This would have a direct impact on government expenditure. Every year, the government spends nearly Tk 20,000 crore on printing and distributing currency. The cost includes banknote paper, ink, security measures, and the destruction of worn-out notes. Altogether, this amounts to enormous expenditure. If digital transactions increase, the demand for cash will decline. Consequently, this huge amount of money can be saved. Those funds can then be used for education, healthcare, or infrastructure development. This is not merely a matter of savings; it is the opening of a new gateway to national development.
Another important aspect is that QR code transactions help bring money into the banking channel. When purchases are made in cash, that money often remains outside the banking system. However, with digital transactions, the money goes directly into bank accounts. As a result, liquidity in the banking sector increases. Banks are able to provide more loans to industry, agriculture, and small businesses. The wheels of the economy turn more rapidly. At the same time, every transaction leaves a record. Tax evasion becomes more difficult. The tax-to-GDP ratio increases. As government revenue rises, development projects can be implemented more quickly.
This is also positive for the banking sector. At present, liquidity shortages arise because a significant amount of money remains outside banks. As digital transactions increase, deposits will grow, lending will expand, and banks' profitability will become more stable. At the same time, the fight against money laundering and black money will become easier because digital transactions leave a traceable digital trail.
The role of Bangla QR in building a cashless Bangladesh is undeniable. It is not merely a technology; it is an instrument of social transformation. Mobile internet and smartphone usage are expanding even in rural areas. If transactions become free and incentives are available, poor and low-income people will also become part of this system. Financial inclusion will increase. Women entrepreneurs and small businesses will benefit.
owever, making transactions free alone will not be enough. It must be accompanied by greater public awareness, digital literacy, and strong security measures. The fear of fraud and hacking must be removed. Simple training should be provided to small businesses. If the government and Bangladesh Bank establish a substantial incentive fund and keep transactions free for a specified period, new habits will develop. Later, when people become accustomed to using the system, even the introduction of a small service charge will not create significant problems.
Through this initiative, we will not only transform from a cash-based economy to a digital economy. We will build a transparent, efficient, and inclusive financial system in which money flows into productive sectors instead of remaining hidden in homes. Tax collection will increase, development will accelerate, and the lives of ordinary people will become easier.
Making transactions through Bangla QR codes free is not merely a policy change. It is the realization of a national dream. On the journey toward building a cashless Bangladesh, this could become the most effective and people-friendly initiative. The time has come to make a decision. The technology is already in our hands; what is needed now is the right policy and the courage to take bold initiatives.
Amir Mohammed Khosru
is a banker and a
columnist.
