Today, Bangladesh’s first local currency card, called “TakaPay,” was presented by Prime Minister Sheikh Hasina with the goal of reducing reliance on foreign cards like Visa and Mastercard and preserving foreign exchange.
At this morning’s opening ceremony at her official mansion, Ganabhaban, the premier officially launched the national card scheme.
At the ceremony, Bangladesh Bank (BB), Sonali Bank, City Bank, and Brac Bank were all essentially present.
Speaking at the event, Sheikh Hasina stated that the launch of the national card program TakaPay today is an additional milestone in the creation of Smart Bangladesh.
According to her, Bangladesh’s cashless society is a goal of this independent domestic payment system.
In partnership with the central bank of Bangladesh, private sector banks City Bank and BRAC Bank, as well as state-owned Sonali Bank, are issuing the TakaPay card.
M Tofazzel Hossain Miah, Principal Secretary to the Prime Minister, presided over the event as moderator, while BB Governor Abdur Rouf Talukder gave the welcoming speech.
Different features of the national card program “TakaPay” were given by BB Executive Director Mezbaul Haque.
At their offices, managing directors of Sonali Bank, Brac Bank, and City Bank, Afzal Karim, Selim RF Hossain, and Mashrur Arefin, respectively, demonstrated how to use a TakaPay card, make an online payment, and withdraw cash from an ATM where consumers will receive services.
The payment networks Visa and Mastercard enable electronic money transfers between banks and other financial institutions and businesses.
For credit cards, debit cards, and prepaid cards, they offer branded payment processing services that banks and other financial institutions can subsequently sell to their clients.
“TakaPay” will initially provide the same service nationally through the use of National Payment Switch Bangladesh (NPSB), an electronic payment platform run by the BB.
It can be used abroad, once foreign banks and institutions partner with the platform.
Initially, the card will be launched by the central bank for internal use, and later Taka-Rupee cards will be launched. Through the card customers can transact in India.
Other banks will soon follow the process of Sonali Bank, City Bank and Brac Bank gradually.
This card can be used at every ATM, point of sale (PoS), and online platform in the nation, according to BB officials’ initial statement.
It will be used as a debit card at first, but a “TakaPay” credit card will also be available soon. TakaPay cards include advanced security features.
Officials stated that the French consulting firm “Fime” designed the Taka PayCard, which will be initially offered by the banks on a pilot basis.
Taka Pay will lower the cost of foreign currencies because overseas enterprises require large sums of money to be paid in service costs.
