Dhaka: Bangladesh Bank is set to launch an interoperable payment system on November 1, enabling instant transfers between mobile wallets, bank accounts, non-bank accounts, and institutional accounts to curb cash transactions nationwide. The central bank issued a circular directing all banks, Mobile Financial Service (MFS) providers, and Payment Service Providers (PSPs) to use the National Payment Switch of Bangladesh (NPSB) infrastructure for these transactions.
According to Bangladesh Sangbad Sangstha, the circular specifies that sending banks, MFS, and PSPs can charge maximum fees of 0.15 percent, 0.20 percent, or 0.85 percent, respectively, including VAT, for transactions under the interoperable system. The recipient of the funds will not incur any fees, as all applicable charges must be collected from the sender's account and displayed clearly before the transaction is executed.
Transaction limits will apply to fund transfers under the interoperable system, varying based on the account type with the respective bank, PSP, or MFS provider. For interbank transfers conducted via internet banking under the NPSB framework, the fees outlined in PSD Circular No.-02 dated February 06, 2025, will remain in effect.