September 17, 2023, 11:25 p.m.
Last modification: September 18, 2023, 1:01 p.m.
The Bangladesh Bank will launch the domestic debit card on November 1 to reduce its dependence on foreign card companies and conserve its foreign exchange reserves.
Bangladesh Bank spokesperson Mejbaul Haque said they were trying to launch the card on November 1.
“Preliminary pilot activities are currently underway in collaboration with eight banks,” he said.
He further mentioned that the Bangladesh Bank would initially introduce it for domestic use, with plans to unveil the Taka-Rupee card later.
At the post-budget press conference on June 2, Bangladesh Bank Governor Abdur Rauf Talukdar unveiled Bangladesh Bank’s initiative to introduce a national debit card.
He said: “In our country, we depend on debit and credit cards from Visa, MasterCard and other external companies. We did not have our own local map system, which limited accessibility for users. Additionally, the associated costs were substantial.
“We are introducing the National Debit Card, a unified card that will be adopted by all banks and financial institutions. If widely accepted, we anticipate a significant shift from cash to card transactions.”