Digital payments have seen tremendous growth in Bangladesh. Only in 2016, people made 180 crore transactions worth Tk 23 lakh crore in Bangladesh, Bangladesh Institute of Bank Management said in a study.
The amount of transactions has seen exponential growth in the last five years, said Mahbubur Rahman Alom, an associate professor of BIBM.
Mobile financial services platform channelled most of the transactions, according to the study.
Cashless transactions reduce the scope for tax avoidance on real estate purchases, curbs generation of black money, reduces the costs of currency printing and its management.
Dutch-Bangla Bank has the country's highest number of ATMs and the biggest agent banking network.
The cost of an electronic transaction is one-fourth that of human-given services, said AbulKashem Mohammad Shirin, managing director of DBBL.
Cashless transaction still has huge potential in Bangladesh, as only 1 percent of the country's transactions are made through digital platforms, Syed Mohammad Kamal, country manager of MasterCard.
The e-commerce market now stands at more than Tk 400 crore a year and is expected to grow manifold.
The mobile financial services platform has grown significantly over the last couple of years, which has grown 120 percent a year since 2011.