Thrust for strengthening safety measures in e-payment
Speakers at a seminar emphasised the need for securing and facilitating electronic payments by strengthening safety measures in the financial institutions.
Scholars related with financial transactions told this at a meeting on 'Securing the Payment Ecosystem in Bangladesh' in the city on Monday that was jointly organised by CTO Forum, Visa and Bangladesh Institute Bank Management (BIBM).
Dr. Toufic Ahmad Choudhury, Director General, BIBM was attended as chief guest where Shivakumar Sriraman, chief risk officer, Visa India and South Asia delivered the keynote presentation in the seminar.
A panel discussion was also held during the seminar where with attendance of Debdulal Roy, general manager, Bangladesh Bank, Md. Motiur Rahman, head of technology, Standard Chartered Bank, Bangladesh, Dr. Ijazul Haque, head of IT, Commercial Bank of Ceylon PLC, and Noor A Alam, Chairman, Data Edge Ltd.
CTO Forum President Tapan Kanti Sarkar describes the media said in the growing online based electronic transaction it is imperative to strengthen security measures.
He highlighted few statistics in the press conference.
He informed that at present there are 56 scheduled banks and 35 non-bank financial institutions in Bangladesh.
He said in the last few years, Bangladesh Bank has introduced various electronic transfer mechanisms such as VHS, BFTN, RTGS and NPSB (National Payment Switch Bangladesh) to accelerate inter-bank electronic payments. Now, almost 8 Lac transactions happen through EFT (Electronic Fund Transfer) per month, amounting to Tk57.8 billion.
According to key note papers presented by other professionals there are around 7200 ATMs around the country, and the number of daily transactions is about 4,00,000 amounting to about Tk.2.8bn daily. The number of POS is about 32,000 of which 16,000 have joined NPSB.
The key note papers stated that the number of daily transactions through POS is about 36,000 and daily transacted amount is about Tk.30 Cr. In Bangladesh, cards came into being in late 80s and credit card was launched in 1997. The total number of debit card in Bangladesh is about 8.5 million and total number of daily card transactions is around 3.8 Lac which amounts about to Tk. 30 billion.