Cashless payments launched at Khilgaon Taltola Market
From now on, anyone buying goods or receiving services from most of the small and large businesses at Khilgaon Taltola City Corporation Super Market in Dhaka will not need cash to pay bills as they have come under a cashless transaction system.
The Bangladesh Bank and the Dhaka North City Corporation announced their collaboration with Mastercard – a global technology company in the payments industry – to inaugurate the Cashless Khilgaon Taltola City Corporation Super Market during an event held at the market on Monday (29 April).
Closely aligned with the government's Smart Bangladesh vision, the initiative will provide 1,047 small and large merchants with digital payment acceptance infrastructure.
The businesses will now be able to accept payments through Bangla QR and POS machines, allowing them to create a digital footprint for their business and gain access to formal financial services.
At the same time, consumers will be able to make quick and secure digital payments through cards, bank apps, and mobile financial services (MFS) wallets.
At the programme, Dhaka North Mayor Atiqul Islam said, "Today in Khilgaon, we are continuing to empower more people with superior payment technologies that are crucial to achieving the 'Smart Bangladesh' vision. Together, we will continue transforming more markets into the digital ecosystem."
He said the city corporation has already launched online holding tax and online trade licence facilities, allowing citizens to avail themselves of these services from the convenience of their homes.
The city corporation has also initiated the transformation of the DNCC-1 market in Gulshan into the country's first cashless market by empowering more than 1,200 merchants through the digital payment ecosystem.
The mayor said, "Prime Minister Sheikh Hasina has a long-term vision for achieving a cashless ecosystem. Dhaka North is working with a smart transaction system in Smart Bangladesh."
Md Sharafat Ullah Khan, director of the Payment Systems Department at the Bangladesh Bank, Vikas Varma, chief operating officer for South Asia at Mastercard, and Syed Mohammad Kamal, country manager for Bangladesh at Mastercard, also attended the programme.
Md Shafquat Hossain, deputy managing director at Mutual Trust Bank, and Arup Haider, Head of Retail at The City Bank, also participated in the event, among other dignitaries.
Vikas Varma said, "As Bangladesh moves towards a cashless future, initiatives like these will play a key role in encouraging merchants and consumers to embrace digital payments. Mastercard is proud to collaborate with Dhaka North City Corporation to enable merchants at Khilgaon Taltola City Corporation Super Market to begin their digital journey and become a part of the country's thriving finance sector."
The other partners in the Cashless Khilgaon Taltola City Corporation Super Market initiative include City Bank, Mutual Trust Bank, and SSLCommerz.
The journey of "Cashless Bangladesh" – a quick response or QR code-based universal payment system developed by the central bank – began with an initial engagement of 1,200 merchants, including street vendors in the Dhaka and Motijheel areas