Average transactions in mobile banking are about Tk 4,500 crore per day

Abdur Rahman Khan

Average transactions in mobile banking are about Tk 4,500 crore per day

Mobile Financial Services (MFS) transactions are increasing in the country. An average of more than 4 thousand 405 crore rupees was transacted through various mobile banking including Bikash, Cash, Rocket in the month of June. According to the data of Bangladesh Bank, customers transacted more than 1 lakh 32 thousand 175 crore rupees through mobile banking last June. This is the highest transaction through mobile banking in a single month. Before this, in the last month of May, a little more than 1 lakh 8 thousand crore rupees was transacted through mobile banking.

According to industry insiders, the development of information technology and continuous availability of online based services has brought mobile banking to this height. Analysts believe that mobile and online banking transactions will exceed bank-based transactions in the next few years.

According to the updated information of the central bank, currently 13 banks are providing mobile banking services under different names including Bikash, Naqd, Rocket, Ucash, MyCash, Sure Cash. With the transactions on this platform, the number of customers is also increasing day by day. Currently, not only transactions, but also many new services are being added to mobile banking. Mobile banking services are being provided in various fields including electricity, gas, water bill i.e. service price payment, shopping bill payment, mobile recharge, salary payment, sending money from abroad i.e. sending remittance.

In June of this year, 39 thousand 56 crores of money was sent through mobile banking. And 37 thousand 707 crore taka has been withdrawn. 33 thousand 923 crore rupees were transacted from person to person in MFS services. 5 thousand 187 crore taka was distributed for salaries and allowances of various organizations. 6 thousand 494 crores were transacted in various purchases.

Many customers are using multiple SIMs in their mobile phones. Customers are opening MFS accounts on multiple SIMs to facilitate transactions. At the end of June, the number of mobile banking customers was 20 crore 72 lakh 69 thousand. Meanwhile, ‘Nagad’ has more than 6.5 crore customers in its mobile banking services. If this account is added, the number of customers registered in mobile banking will be 27.5 crores.

Among these registered accounts, 11 crore 98 lakh 74 thousand 296 male customers and 8 crore 68 lakh 41 thousand 766 female customers. Besides, the number of mobile banking agents stood at 15 lakh 85 thousand 722, which was 15 lakh 70 thousand 340 in May. Customers can now easily open accounts with MFS service providers by filling the Digital Customer Information (KYC) form from the comfort of their homes. As a result, they are able to open accounts hassle-free.

Bangladesh Bank launched mobile banking in 2010. On March 31, 2011, the journey of mobile financial services in the country began with the launch of mobile banking services by the private sector Dutch-Bangla Bank. After this, Bkash launched mobile banking services as a subsidiary of BRAC Bank. At present, most of the mobile banking services in the country are occupied by Bikash. After that is the position of ‘cash’.

Drivers, security guards and maids are also now being paid using services like Vikas, Rocket and Cash. Workers in the garment sector are sending money to villages through MFS services. As a result, cash transactions are decreasing day by day. This trend is considered positive for the country’s economy by the people related to the sector.

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