According to Bangladesh Bank, the number of Internet banking customers increased to 46.99 lac in February this year. Alongside customers, the transaction volume also increased to BDT 17,763 crore. The transaction volume has more than doubled within a year.
With pandemic-related limitations on movement that forced people to shop and bank online, internet banking usage has doubled and transactions have tripled in the past two years. However, despite the easing of the pandemic and the economy’s return to normal, the number of transactions and customers continued to grow.
According to the central bank, there were only 26.05 lac users in February 2020. With over 21 lac users joining in the following two years, the number of users has almost doubled. Meanwhile, February 2020’s transaction volume was BDT 6,299 crore, one-third of that of February 2022.
In 2004, three banks such as AB Bank, Dutch-Bangla Bank, and Dhaka Bank initiated checking account balances online and also added several other facilities like payment of hotel and restaurant bills, bus, train, and plane ticketing, etc.
Since then, a customer’s daily transaction limit has been raised from BDT 2 lac to BDT 5 lac. Simultaneously, the single transaction limit was increased from BDT 50,000 to BDT 1 lac.
Digital payment systems have the capability to increase GDP by 1.7 percent, or more than BDT 50,000 crore, according to recent research by the UN-led Better Than Cash Alliance and a2i.