Interoperability facility in mobile banking from 27 Oct

The Bangladesh Bank has given approval for launching interoperability facility among the mobile financial service (MFS) providers.

The Payment Systems Department of the central bank issued a circular in this regard on Thursday.

As a result of this, the customers of one MFS company can make transactions with customers of other such companies or banks from 27 October.

The MFS providers who cannot launch interoperability by this date will have time till 31 March 2021 to set up the system. 

Initially, the interoperability facility will be launched among the bKash, mCash, Ucash, Islamic wallet, Islami Bank, Pubali Bank, Al-Arafah Islami Bank, and United Commercial Bank, said sources at the central bank. 

The MFS provider will have to pay a charge for the interoperability facility, while the customers will not have to pay anything for it.

To transact money, receiver MFS provider will give sender MFS provider Tk0.8 for every Tk100 as the charge.

Meanwhile, in case of transactions between banks and MFS providers, the MFS providers will pay Tk0.45 for every Tk100 to banks.

Till the end of August, the number of people using MFS was 9.29 crore, while the number of agents in these services was more than 10 lakh. 

In August Tk104 crore remittance was collected through MFS.

Salaries and allowances worth Tk1,063 crore were paid through these services, and while Tk1,060 crore was paid for purchasing goods, and utility bills of Tk908 crore was paid.