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The Financial Express

MFS providers to launch interoperable transactions

| Updated: October 24, 2020 09:37:54


Lankabangla and Fianancial Express Lankabangla and Fianancial Express
MFS providers to launch interoperable transactions

The mobile financial service (MFS) providers of Bangladesh will introduce interoperable transactions as part of efforts to encourage cash-free dealings.

Money can be transferred between bKash, Nagad, Rocket, and other firms once the interoperable services are fully launched, reports bdnews24.com.

The customers will also be able to make transactions between banks and the MFS service providers through the National Payment Switch.

The banks and companies that have finished testing the services successfully will begin allowing the transactions on October 27. Those yet to prepare for the launch must start providing the services within March 31 next year.

The Bangladesh Bank made the announcement on Thursday, fixing the rates of fees and setting other rules.

An MFS firm will have to pay 0.8 per cent of the money received from another firm.

The company from which the customer sends the amount will get the fees.

The fees will be 0.45 per cent for transactions between banks and MFS companies.

The customers will not have to pay the new fees. The fees to withdraw money remain the same.

Initially, BRAC Bank’s bKash, Islami Bank’s MCash, United Commercial Bank’s UCash, Al-Arafah Islami Bank’s Islamic Wallet, and Pubali Bank are joining the services.

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