No merchant cost on Bangla QR transactions from Oct

No merchant cost on Bangla QR transactions will take effect from Thursday (October 1), as merchants will no longer have to pay the 1 percent merchant discount rate (MDR), Bangladesh Bank spokesperson and Executive Director Arif Hossain Khan said on Wednesday (September 30).

He made the announcement at a press conference at Bangladesh Bank, saying the decision was taken to make Bangla QR more organised and sustainable.

Currently, around 4 million merchants use Bangla QR. Since the mandatory use of a single Bangla QR was introduced in June, transactions through the platform have increased 3.5 times, while transaction value has risen nearly fivefold.

Mr Arif added person-to-person (P2P) transactions through Bangla QR will also be introduced from November 1, making interoperable digital payments easier for individuals.