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TakaPay, Bangladesh’s first local currency card was launched to avoid overseas payments through the Visa and Mastercard payment networks. Initiated by Prime Minister Sheikh Hasina, it provides Bangladeshi consumers greater financial independence and a better experience when making electronic payments. This initiative is expected to enhance the local economy, supporting safer and cheaper payments.
#SheikhHasina #TakaPay pic.twitter.com/QBUNp6SwCK
— Titas Ekti Nodir Naam (@TitasEktiNodi) November 3, 2023
Features and Benefits:
The TakaPay card offers a safe and easy method for making financial transactions in Bangladesh. The TakaPay card transactions are processed through the National Payment Switch of Bangladesh (NPSB) allowing for seamless transactions at ATMs, point of sale terminals and online. TakaPay reduces reliance on international payments gateways, helping save scarce foreign currency reserves while ensuring a low cost payment. It is also planned soon to introduce the Taka Rupee card to allow payments across borders with India.
How to Get One?
Currently, Sonali Bank, BRAC Bank and City Bank are issuing TakaPay cards in cooperation with the Bangladesh Bank. In addition to these banks, there will be five additional banks including United Commercial Bank and Dutch Bangla Bank that will be added soon.
In order to obtain the card, the user must have an existing bank account, they will be able to transition from debit cards that they already own. Enabling credit card services will also be an available potential with the card.
