Taka Pay can be used for both domestic and international transactions. In the initial phase, it will be available for domestic use only, but the Bangladesh Bank plans to roll out a Taka-Rupee card soon, which will allow Bangladeshis to make transactions in India using their Taka Pay cards.
Taka Pay cards can be linked to new or existing bank accounts. However, customers with existing debit cards will need to suspend their old cards in order to use a Taka Pay card.
Taka Pay cards will be issued by eight banks initially, on a pilot basis. Other banks will be able to issue Taka Pay cards in the future.
The following banks are currently offering Taka Pay services:
Brac Bank
City Bank
Sonali Bank
Eastern Bank
Islami Bank
United Commercial Bank
Dutch-Bangla Bank
Mutual Trust Bank
Taka Pay cards can be used for all types of transactions, including:Point-of-sale (POS) purchases
Online payments
ATM withdrawals
International money transfers
When used in India, Taka Pay cards will be treated as Visa or Mastercard cards, which means that customers will be able to use them to make payments at any merchant that accepts Visa or Mastercard.
The Bangladesh Bank governor, Abdur Rouf Talukder, has said that the launch of Taka Pay is a major milestone for the country's financial sector. He believes that Taka Pay will help to boost the Bangladeshi economy and make it more resilient to external shocks.
Benefits of using Taka Pay
There are several benefits to using Taka Pay, including:Reduced reliance on foreign card networks: Taka Pay is a domestic payment card scheme, which means that it is not reliant on foreign card networks such as Visa and Mastercard. This will help to reduce Bangladesh's foreign exchange reserves.
Lower transaction fees: Taka Pay merchants will be charged lower transaction fees than merchants who accept foreign cards. This will help to reduce the cost of goods and services for Bangladeshi consumers.
Increased financial inclusion: Taka Pay will make it easier for Bangladeshis to make electronic payments, even if they do not have a bank account. This will help to promote financial inclusion and economic development.
How to get a Taka Pay card
To get a Taka Pay card, you need to contact your bank. Your bank will be able to tell you if they are currently offering Taka Pay services and how to apply for a card.
Taka Pay is a new national payment card scheme that has the potential to revolutionize the way that Bangladeshis make payments. By reducing reliance on foreign card networks, lowering transaction fees, and increasing financial inclusion, Taka Pay can help to boost the Bangladeshi economy.
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