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From now on, MFS companies like bKash, Rocket, MCash and UCash will be able to interact with each other. Not only that, transactions can be made from any mobile bank with any major bank. Bangladesh Bank has issued a circular in this regard on Thursday (Oct 22).
Bangladesh Bank says that a mutual (live) transaction or interoperability mechanism will be launched between banks and mobile financial service providers (MFS) that have successfully completed the pilots from October 26. And those banks and mobile financial service providers that have not yet completed preparations for interoperability will need to complete preparations by March 31 and begin the mutual transaction facility.
Initially, the services Bikash from the BRAC Bank operator, M Cash from Islami Bank, UCash from United Commercial Bank and Islamic Wallet from Al-Arafah Islami Bank are being added. Pubali Bank is added among the banks.
Bangladesh Bank says that in case of transfer of funds from an MFS provider’s account to another MFS provider (P-to-P), the receiving MFS provider will pay the sending MFS provider a fee of 0.80% of the total amount of the transaction. In addition to transferring money from the bank account to MFS and from the MFS account to the bank, the MFS provider in question will pay a fee of 0.45% of the total transaction amount to the bank in question.
Bangladesh Bank further said that participating banks and MFS will not be able to impose any additional charges on the existing transaction fees at the customer level for mutual transactions.
In case of transactions in mutual system, the prescribed transaction limit will be applied according to the variant of the respective bank account / MFS.
By the way, money can now be sent from one bank to another. But you can’t send money from one MFS to another. To this end, the new service is being launched through the National Payment Switch Bangladesh (NPSB) at the initiative of the Central Bank. As a result, money can be easily sent from one MFS to another MFS and bank or any MFS in the bank.
However, bKash, Rocket and Cash have already introduced the possibility of withdrawing money from the banks themselves. And from bKash, the money will be sent to The City, BRAC and Agrani Bank.
Meanwhile, people’s dependence on MFS has increased due to the coronavirus. Now the account of these services is opened at home. Money will also be brought from the bank account. And shopping, utility bill payment, mobile phone recharging, and other benefits are available at home.
According to a central bank report, MFS subscribers exceeded 92.9 million at the end of August.
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