The Bangladesh Bank has issued guidelines for Bangla QR Code, another medium of digital transaction, setting a daily transaction limit of Tk20,000 on static Bangla QR Code.
The guideline was issued on Wednesday by the central bank's Payment Systems Department.
Using Bangla QR Code, buyers and sellers can make transactions from their own bank accounts, debit, credit, and prepaid cards, mobile banking accounts and e-wallets.
In this case, after scanning the QR Code with the smartphone in hand, in case of merchant's payment information without amount, the buyer will get a digital receipt if he completes the transaction by placing the paid amount himself. This is called a static transaction.
Static transactions are currently the money that buyers pay through mobile banking or other means by scanning the QR Code for purchases at various super shops and markets.
When these QR codes are converted to Bangla Static QR codes, a buyer will be able to transact a maximum of Tk20,000 per day.
The central bank is talking about setting limits as such payments often create risks.
On the other hand, in the case of merchant's payment information with the amount, the buyer does not have to scan the QR Code and deposit the amount of money on the mobile.
The transaction is much more secure as a separate QR Code is generated for each such transaction. This is known as a dynamic QR Code. Dynamic Bangla QR Code has no limit on daily transactions.
The central bank's circular said that the companies which have QR codes, they have to be connected to the network of Bangla QR codes by 31 December 2021.
Bangla QR Code will be nationalised. From now on, all vendors will have to use the logo of the Bangla QR code. The size and colour of the logo are also mentioned in the guideline.
Central bank sources said that the fees and charges for transactions using this digital medium will be decided later.
Regarding the benefits of Bangla QR Code, the guideline says that the cost of transaction in Bangla QR Code will be the lowest among the digital media that are being used to buy products or services.
The guideline states that Bangla QR codes have been introduced as part of the digital payment ecosystem to make daily transactions secure, easy, fast and affordable.