Dhaka: Transactions through digital and paperless banking sector in Bangladesh are gradually increasing with an expansion of the prevalence of ATMs, POS terminals, and CRMs. After overcoming all challenges due to the July-August uprising of 2024, transactions through Automated Teller Machines (ATM), Points of Sale (POS), Cash Deposit Machines (CDM), and Cash Recycling Machines (CRM) in urban and rural areas of the country have witnessed an upward trend.
According to Bangladesh Sangbad Sangstha, data from the Bangladesh Bank (BB) reveals that the number of ATM booths increased to 13,021 in October 2024, up from 13,016 in the previous month. The volume of ATM transactions exceeded Tk 212.50 billion in October, compared to Tk 202.66 billion in the previous month, reflecting a 4.86-percent increase in transaction volume for the month. The number of ATM booths in rural areas till October was 3,896, which is nearly 30 percent of the total 13,021 booths across the country.
In October, transactions conducted through CRM installed by banks in the country increased by more than 11.80 percent, reaching Tk 147.25 billion compared to over Tk 131.71 billion recorded in September. This CRM offers clients convenient options for instant money deposition, withdrawal, and transfers. The data shows that the cash transfer at the POS of the banks and financial institutions also increased to Tk 2.22 billion in October, reaching Tk 31.86 billion compared to over Tk 29.64 billion recorded in September. POS is a system operated by a machine in shops to tap the banks or financial institutions' debit or credit card for transferring money to make payment for shopping.
The data further indicates that cash transfer through e-commerce also increased to Tk 1.05 billion in October, reaching Tk 19.73 billion compared to over Tk 18.68 billion recorded in September. Overall, total cash transactions through ATM, POS, CRM, and e-commerce increased to Tk 28.65 billion in October, reaching Tk 411.35 billion compared to over Tk 382.70 billion recorded in September. However, the number of CDM in the country decreased to 204 in October from 214 in September.
Abdul Quaium Chowdhury, Deputy Managing Director of Premier Bank PLC, noted that the Bangladesh economy has reached an inflection point in digital finance with the adoption of mobile financial services and digitalization of banking facilities in the country. 'The Premier Bank is committed to fostering financial inclusion and catalyzing the transition towards a digitally enabled economy in Bangladesh,' he added.