Bangladesh has experienced significant growth fueled by consistent innovation across various sectors, leading to a readiness for a cashless future. With a large and dynamic workforce, including millions in the gig economy and IT freelancers, alongside a substantial mobile and internet user base, the country is poised for digital transformation.
The recent surge in cashless transactions, driven by mobile financial services and internet banking, highlights the need to integrate micro, small, and medium enterprises (MSMEs) into the digital ecosystem, particularly post-pandemic. Despite initial reluctance due to fear and uncertainty, efforts are being made to build trust and adoption through innovative solutions.
Mastercard’s initiatives, such as the Social Media Mastercard prepaid card for women entrepreneurs and the Bangla QR system for small merchants, aim to provide convenience, cost-effectiveness, and security in digital transactions. Collaboration among stakeholders, including financial institutions, fintechs, and regulators, is crucial in realizing the vision of a cashless Bangladesh by 2041, with initiatives like cashless hubs and marketplaces paving the way for a digital economy that sets an example for other countries in the Global South.
Comment here