A multi-pronged strategy is essential to popularise digital payments in everyday life, beyond simply raising consumer awareness and encouraging digital transaction habits, speakers said at a recent discussion.
They highlighted the need for a behavioural shift among users, along with strengthening the country’s digital infrastructure. Enhancing cooperation between businesses and financial institutions, diversifying digital transaction options, and improving both digital literacy and internet access were also emphasised.
Entrepreneurs and industry representatives shared these insights at a discussion titled “Digital Payment in the Port City,” held at The Peninsula Chittagong. The event was organised by bKash, the country’s largest mobile financial service (MFS) provider.
Entrepreneurs and representatives from Chattogram-based Barcode Café, Chattogram Maa-O-Shishu General Hospital, Radisson Blu Chattogram Bay View, Epic Healthcare, Utshab Supermarket, Chittagong Club Limited, Shajinaz Hospital Limited, online travel agency Amy, Chittagong Eye Infirmary and Training Complex, Shoilpik, The Peninsula Chittagong, Shopping Bag, and several other organisations spoke at the event chaired by bKash’s Chief Commercial Officer Ali Ahmmed.
The Chattogram-based entrepreneurs at the event noted that people can spend an entire day without using cash in many countries. Meanwhile, people in Bangladesh are also growing accustomed to digital payments; however, more awareness activities are required to genuinely encourage customers to adopt digital payment in their lifestyle.
They suggested region-specific campaigns in local dialects to effectively engage customers in diversified digital transactions. Besides, for elderly and tech-averse individuals, hands-on training in digital transaction process could be beneficial.
Some superstore entrepreneurs mentioned that at least 70% of their customers pay digitally—via bank cards or MFS platforms like bKash. With proper initiatives, this rate could exceed the 90% mark. They believe offering special discounts or incentives could further encourage digital payments.
Additionally, speakers pointed out that many middle and lower-middle-class customers, despite being interested in digital payments, cannot access the digital payment ecosystem due to not having smartphones and internet connection. In that case, businesses accepting digital payments could provide Wi-Fi at billing counters as well as demonstrate USSD-based payment methods to help increase digital payment.
Welcoming the suggestions and recommendations at the event, bKash’s Chief Commercial Officer Ali Ahmmed said, “Although a large portion of digital transactions is still limited to sending and withdrawing money, at least 10 million people in Bangladesh make different types of digital payments daily. This number can be multiplied with the right policy support as well as coordination and partnerships among tech companies, businesses and financial institutions.”
Mentioning that the expansion of digital transactions everywhere will bring down costs at consumer level, he said, “In addition to increasing usage of technology, there is a great opportunity to work on how to encourage people, who are anxious about using technology, to get comfortable in digital transactions.”