In a move to digitize Bangladesh's economy, Mutual Trust Bank Limited, in collaboration with Mastercard, announced the launch of ‘Bangla QR’, an interoperable Quick Response (QR) code-based payment acceptance solution. Making its debut in the country, Bangla QR will allow cardholders using Mastercard branded credit, debit and prepaid cards issued by Mutual Trust Bank (MTB) to carry out payments merely using a QR code generated by the MTB mobile banking application. In due course, the interoperable solution will be accessed by other banks and payment networks as well. BanglaQR is country’s National Interroperable QR approved by Bangladesh Bank. The launch event at a city hotel has been graced by Ahmed Jamal, Deputy Governor, Bangladesh Bank as Chief Guest. In June 2018, a Working Committee (WC) on National Standard for QR Based Payments in Bangladesh, the WC, was established by Bangladesh Bank. The WC aimed to develop an interoperable standard QR code (Bangla QR) specification for retail payments in Bangladesh to facilitate merchants in using a single QR code and accept payments via different payment service operators. Members of the WC include the Bangladesh Bank (BB), international payment network operators, banks, Mobile Financial Services (MFS) and others. With this latest technology, MTB Mastercard cardholders will now need to simply ‘scan to pay’ by accessing the Mastercard QR option on their MTB mobile banking apps and by scanning the QR code displayed at the merchant’s checkout counter. With Bangla QR, the usage of multiple QR codes from different payment networks for consumers will not be needed. Similarly, merchants will only need to display one QR code at their storefront, making the payment process faster, smoother and seamless.
BanglaQR will make everydays spend simple & convenient. This will be implanted at the MSME segments, where currently there is no acceptance for digital payments.
Syed Mahbubur Rahman, Managing Director & CEO, Mutual Trust Bank Limited (MTB) said, “MTB is excited to be able to provide its customers with a faster and more convenient method of payment. With a quick scan of the QR code generated by the MTB app, our cardholders will be able to experience convenience, unlike anytime before.” Commenting on the launch, Syed Mohammad Kamal, Country Manager, Bangladesh, Mastercard said, “Mastercard is delighted to be the first payments network in Bangladesh to collaborate with a leading bank to launch the country’s first Interoperable National QR code-based acceptance solution-BanglaQR"
