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As a result, MFS companies like bKash, Rocket, MCash, and UCash will be able to transact with each other from now on.
Not only that, transactions can be made with any major bank from any mobile bank.
On Thursday, the Bangladesh Bank issued instructions in this regard.
The fee for this service has also been specified. However, at the consumer level, there will be no new charges. However, the cost of withdrawing money remains the same as before.
When asked about this, Shamsuddin Haider Dalim, head of communications for bKash, the country’s largest mobile financial services provider, told bdnews24.com: “This is another step towards digital banking services in the country.
“We have been prepared for a long time. Now I will begin the formal work.
The circular sent to the CEOs of all banks said that the facility of interoperability or mutual transaction (live) will be introduced between the banks and the MFS institutions that have successfully completed the pilot test as of Tuesday, October 26.
Banks and MFS that have not yet completed preparations for interoperability will need to complete preparations by March 31 next year and launch the mutual transaction mechanism.
Currently you can send money from one bank to another. But you can’t send money from one MFS to another.
In other words, bKash clients could not send cash or rockets, cash clients could not send money in bKash or rockets, rocket clients could not send money in bKash or rockets. Now you can send it.
Therefore, the new service is being launched through National Payment Switch Bangladesh (NPSB) at the initiative of the Central 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 private cities, BRAC and Agrani Bank.
Bangladesh Bank says that in case of money transfer from one MFS provider’s account to another MFS provider (P-to-P), the receiving MFS provider will pay the sending MFS provider a fee of zero point 60 percent of the total amount of the transaction. In addition, the transfer of money from the bank account as MFS and from the MFS account as bank, in both cases, the MFS provider in question will pay the bank in question zero points 45% of the total amount traded.
For reciprocal transactions, participating banks and MFS will not be able to charge any additional transaction fees at the customer level.
In case of transactions in mutual system, the prescribed transaction limit will be applied according to the variant of the respective bank account / MFS.
The coronavirus epidemic has greatly increased people’s dependence on SFM institutions. 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 the central bank, at the end of last August, the number of MFS subscribers had reached 92.9 million, while the number of agents had exceeded one million. In August the transaction was 41 billion rupees.
In August, expatriate income of Rs 104 million was distributed through MFS, salaries and allowances of Taka 1,063 million were paid.
1,060 million rupees have been purchased. The utility bills such as gas and electricity have been paid Tk 908 crore.
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