Bangladesh Bank plans to introduce a national card named “Taka Pay” to decrease reliance on international cards and save foreign currency. Eight local banks will issue the card, which will be under the control of the central bank.
All card transactions will be processed by the National Payment Switch in Bangladesh. The Taka Pay card offers numerous advantages, including lower costs for customers and enhanced security measures. Additionally, the card will assist in decreasing the expenditure of foreign currency on international card transactions. The Taka Pay card is still in the early stages of development, but it is expected to be launched in December 2023.
The steering committee is led by BB Deputy Governor Kazi Sayedur Rahman and Md Motasem Billah, the director of the central bank’s payment systems department, heads the working committee.
According to one of the member, the central bank will first introduce a card for domestic use, and subsequently, they will make a taka-rupee card accessible.