As the first bank in Bangladesh EBL is launching the Bangla QR payment method by way of using the platform of Visa. In other words, Eastern Bank Ltd will propel an interoperable quick response (QR) payment system using the Visa platform in August. With this intention to inspire the growth of cashless transactions in the country.
read more: Walton IPO Subscription Begins From August 9
Meanwhile, Bangladesh Bank has recently published relevant guidelines for the payment system, terming it Bangla QR. Furthermore, all lenders including Eastern Bank will have to follow the application while introducing the payment method.
Therefore, clients will need mobile banking apps linked to their debit and credit cards to scan QR codes displayed by merchants. In effect, paying for goods will no longer need a point of sale (POS) terminals at shops or other places.
EBL : Bangla QR
At this instant, Bangla QR payments will allow interoperability. In other words, more convenience to customers for making contactless payments using their smartphone devices. Regardless of the transaction size. Further, Customers will be able to pay at any mVisa enabled QR merchant across the world. Moreover, the transaction method will encourage people to maintain social distancing. To put it differently, it will help curb the Coronavirus pandemic.
In fact, several lenders and a mobile financial service have already introduced the QR payment system in the country. Instead, Eastern Bank’s effort will give a boost to the financial sector to popularise the digital transaction mode.
Generally speaking, EBL is one of the top credit card issuer banks in the country. Moreover, starting the payment system initially by adding 2,000-3,000 merchants to its QR payment system. In the same vein, the lender has so far issued a total of 5 lakh cards, including 1.60 lakh credit cards.
Subsequently, Clients will make payments at places ranging from outlets of different brands to grocery shops. On the other hand, they will have to use EBL SKYBANKING, the financial application of Eastern Bank. With this in mind to settle transactions through the QR payment method. At the present time, Any bank can easily launch the service by way of completing the QR issuing certification.
For more updates, stay with Markedium!
