Mobile transactions reach Taka 400 core per day

The daily average money transactions through mobile financial services reached to a new height with registering over Tk400 crore in March after the return of normalcy in the country’s economic sector.

The transactions rose significantly in March when it reached record high of Tk12,264 crore, according to Bangladesh Bank data.

The daily transaction amount, which usually remained within Tk200 crore to Tk300 crore, climbed up to around Tk409 crore in March.

However, doubt grew that money was circulating through mobile phone centering the city polls although bKash Chief Executive Officer Kamal Quadir outright ruled out any such activities saying, “There has been no link between election and the highest transaction amount.”

He also claimed that mobile transactions were increased due to the prevailing peaceful situation in the county’s economy.

Banks won’t be looser largely due to the suspension of the mobile transaction for a day as the earnings from mobile financial services are not so significant, he observed.

He, however, claimed that there was no scope of transacting a large amount of money through mobile financial service, as there was certain limit for transaction.

Bangladesh Bank in November last year imposed the restriction on using mobile accounts to remove forgery committed through mobile financial services.

Now, a client is not allowed to open more than a single account under a bank or subsidiaries that provide mobile financial services.

The central bank imposed the restriction as it found allegation that agents had been making transaction on behalf of unregistered clients by opening multiple accounts in their names.

A client could deposit or withdraw highest Tk25,000 in a day and would be able to deposit or withdraw not more than Tk150,000.

In case of transferring money, one can send money highest Tk10,000 daily and Tk25,000 monthly from one mobile account to other.

There are three types of transactions under mobile banking, which includes Cash In transaction, Cash Out transaction and P2P transaction. Banks get earnings from Cash Out transactions.

According to the Bangladesh Bank data, Cash Out transaction rose by 11% to Tk4,481 crore in March from Tk4,033 crore in February.

The number of mobile accounts stood at 1.08 crore while the number of clients at 2.52 crore in March, according to the central bank data.

Courtesy: Dhaka Tribune