Prime Minister Sheikh Hasina on Wednesday (November 01, 2023) said her government seeks to build a cashless society in a bid to reduce corruption, expedite development and ease revenue collection. “When we will be able to build the cashless society it will curtail corruption. The development of the country will be expedited and the revenue collection will be eased,” she said. The prime minister said this while inaugurating local currency card ‘Taka Pay’, first of its kind in the country, from her official residence Ganabhaban. She was connected virtually with headquaters of Sonali Bank, City Bank and Brac Bank. Sheikh Hasina said that as an independent and sovereign country, Bangladesh’s financial system has to be independent and sovereign for reducing dependency on others. PM Hasina launches Taka Pay, first-ever local currency card, to save costly dollars She put emphasis on data security of every holder of the newly introduced debit card. “I hope that the security system of this network will be well-protected. We have to pay special attention to this. Foolproof firewall has to be there,” she said. She said that this Taka Pay card will be a groundbreaking step for building the cashless society in Bangladesh. “We will not be dependent on others. We will use our money in our country, we will try to connect this system with otheir countries. We must not be dependent on any single hard currency,” she said. "Today I'm very happy," said the prime minister terming the own currency card as a landmark step for the country. She mentioned that the cards which are being used by the people are operated by the foreign companies. “No more foreign currency spending after introduction of Taka Pay card”," she said. Hasina spoke about her government’s plan to introduce international transactions through Taka Pay in future. She also underscored the importance of bringing everyone under banking services towards establishment of a cashless society. PM Hasina to launch 'Taka Pay' card Tuesday: BB The premier said every citizen of the country should be brought under the banking service. Directing the Bangladesh Bank to focus on establishing good governance in the banking sector, the PM said, the role of central bank is very important in establishing a cashless society. “So, special attention should be given to ensure that the service in the banking sector is more fair alongside good governance,” she added. PM Hasina asked the officials concerned to provide training and up to date information to the people so that they can use this Taka Pay card easily without any hassle in their daily payment. The card is be issued by state-owned Sonali Bank and privately-owned City Bank and BRAC Bank in collaboration with the central bank. 'Taka Pay' will provide the same service nationally through the use of 'The National Payment Switch of Bangladesh', an electronic payment platform operated by the BB. Election will be on time, BNP can’t stop it, says PM Hasina at press conference

Prime Minister Sheikh Hasina on Wednesday (November 01, 2023) launched local currency card Taka Pay to reduce dependency on international card schemes like Visa and Mastercard and save much-needed US dollars. Bangladesh Bank introduced the card, first of its kind in the country. PM Hasina inaugurated the card from her official residence Ganabhaban. She was connected virtually with the headquarters of state-owned Sonali Bank, private City Bank and Brac Bank. The three banks have been given responsibility to issue the Taka Pay card in collaboration with the central bank. 'Taka Pay' will provide the same service nationally through the use of 'The National Payment Switch of Bangladesh', an electronic payment platform operated by the BB. Initially, the card can be used within the country. Later the central bank will introduce Taka-Rupee card which can be used for shopping in neighbouring India. Electronic transfer of taka is done through Visa and MasterCard payment networks of business institutions including banks and other financial institutions. These entities offer branded payment processing services for credit, debit, and prepaid cards. Domestic card 'Taka Pay' will provide the same service, the BB sources said. It can be used abroad once foreign banks and institutions partner with the platform. It will reduce the cost of foreign exchange. Because foreign companies have to spend a lot of money on service charges. From the beginning, this card can be used at all ATMs, points of sales and online platforms in the country. PM Hasina to launch 'Taka Pay' card Tuesday: BB Initially it will be used as a debit card but in the future Taka Pay credit card will also come. Magnetic strip is used for security of this card. But now the new EMV technology with added security has been introduced in all bank cards. Gradually Taka Pay card will also be introduced with EMV technology. Paris-based consultancy Fime developed the card. Bangladesh’s neighboring countries also have their currency cards. India has card 'Rupee', Pakistan 'Pakpay', Sri Lanka 'Lonkapay'. Saudi Arabia has 'Mada'. Election will be on time, BNP can’t stop it, says PM Hasina at press conference At the outset, a video documentary on the Taka Pay was screened. Two freedom fighter customers of Sonali Bank withdrew money from City Bank's ATM using Taka Pay Card. Central bank governor Abdur Rauf Talukder was present among others at Ganabhaban. Prime Minister's Principal Secretary M Tofazzel Hossain Miah moderated the function, while BB Governor Abdur Rouf Talukder delivered welcome address. BB Executive Director Mezbaul Haque presented different aspects of the national card scheme “TakaPay”.Sonali Bank Managing Director Afzal Karim, Brac Bank Managing Director Selim RF Hossain and City Bank Managing Director Mashrur Arefin at their offices demonstrated the usage of TakaPay card, online payment and withdrawal of money from ATM where the users received the services. PM Hasina describes as successful her visit to Belgium for Global Gateway Forum