Interoperability of digital payments comes to fore



A generalized interoperability of digital payment services is expected to be introduced in the country in order to expand the scope of financial inclusion, analysts said.

Interoperability is the ability for different systems to connect to each other.

The interoperability between digital payment channels would ensure customer benefits, facilitate competition based on product innovation and stimulate the growth of a digital finance ecosystem, do they have declared at a round table.

The Fund for Inclusion and Finance (InM) and the United Nations Capital Development Fund (UNCDF) jointly organized the event "Interoperability of Digital Finance in Bangladesh: Challenges and Challenges". takeoff options "at the Lakeshore Hotel in the capital. ]

Mustafa K Mujeri, executive director of InM, suggested that the central bank creates a platform to help customers make their transactions between different mobile wallet accounts.

Mujeri presented the opening speech of the event. A direct transaction between mobile money accounts and bank accounts should be introduced to create an agency-free banking culture, he suggested.

The central bank and other financial regulators need to create a level playing field for all actors so that they feel encouraged to diversify their products, the economist said.

The interoperability of digital financial services will accelerate financial inclusion and help the economy achieve the goals of Vision 2021, said MA Mannan, Minister of Finance and Planning, during from the program.

The banking regulator has launched an initiative for the interconnection of MFS account holders and their bank accounts, said Lila Rashid, chief executive of the central bank.

The Bangladesh Bank has also taken steps to make mobile financial services (MFS) interoperable, she said.

The interoperability of credit and debit cards has already been established, said Subhankar Saha, an executive director of the central bank.

The BB will introduce the interoperability of Internet banking through its national payment switch as soon as possible, he said.

Interoperability between banks and MFS would be introduced in December of this year and that of MFS at MFS in June of next year, Saha told the Daily Star after the roundtable.

Fahim Mashroor, CEO of bdjobs.com, said regulators and authorities concerned should establish a new platform to ensure the interoperability of all digital payment channels.

"Our neighboring country, India, has already built such a platform that has enormously enhanced its financial inclusion."

Banks and other actors should institute justice in the financial sector where the use of information technology is increasing rapidly, said Qazi Kholiquzzaman Ahmad, president of INM.

"A quarter invested has entered the sector and we should avoid them."

Only two banks dominate 90 percent of the MFS market although 17 banks have obtained the license to provide the service, he said.

Customers in Bangladesh pay Tk 20 to send 1,000 Tk through MFS while it costs Tk 2.5 in the neighboring country, Ahmad said. The Ministry of Finance and the central bank should do something to reduce costs, he said.

Arijit Chowdhury, additional secretary at the Ministry of Finance, and Ms. Ashraful Islam, coordinator of the UNCDF country project, spoke among others.



Source link