BASIS demands cashback support to boost digital transactions
Bangladesh Association of Software and Information Services (BASIS) President Syed Almas Kabir demanded government supports in formulating Standard Operating procedure (SOP) and budgetary incentive for cash back to accelerate digital transactions across the country.
Talking with The Daily Observer Almas Kabir said digital transaction increased over 100 per cent during the pandemic period in which mobile financial services (MFS) are playing a major role in money transfer, shopping and utility bills payments.
He said usage of information and communication technology and MFS took a leap forward that after the outbreak of the pandemic the growth leap forward to 35 percent till today than 15 per cent before start of pandemic.
Mobile money transfer is a boom in Bangladesh where major market players are Nagad, Bikash, Rocket and others.
Easy to open account and cheaper electronic transaction costs by using mobile apps people are heading towards a cashless transaction system and this trend should be retained and continued and be accelerated in parallel with faster developing digital world, Kabir said.
As part of financial inclusion services, several MFS mainly Nagad, Bikash, Rocket and others are currently providing easy money transfer to every corner of the country despite the menace of the corona pandemic and lockdown of business activities, the Basis president said.
People are already habituated to digital transactions and Bangladesh is in good position of information technology due to stronger IT backbone and infrastructures in the country than many other countries.
Apart from paying utility bills digital money transfer is facilitating payment of salaries, bonus, purchase of products and money transfer to families and many other dealings. Meetings, seminars, dialogues and even business meetings are being also held over online platform that results a stable economic growth amid prolonged impacts of the pandemic.
To retain this trend he suggested for preparing a standard operating procedure for which Basis has already submitted a proposal to the commerce ministry, he said.
Almas Kabir also a director of FBCCI, the apex trade body of the country said to further boost digital transaction, the budget should have allocation to provide incentive and support as cash back to accelerate development of a cashless transactions system. It should be also VAT free for at least five years.
Regarding customer satisfaction and competitive prices in mobile money transfer, he said market decides the price. Nagad has become one of the major MFS players started their business with low transaction costs and strong back up from postal department and the market will automatically decide competitive prices.