Regulatory Alerts2023-02-08
Added
PSD Circular Letter No. 01: Regarding Augmentation of Bangla QR Code Based Payments
The document mandates that banks and institutions replace proprietary QR codes with 'Bangla QR' codes by June 30, 2023. It removes the maximum daily transaction limit of 20,000 BDT for individual static 'Bangla QR' transactions, allowing entities to set their own limits based on risk assessment. Additionally, banks and institutions are required to conduct due diligence and monitoring on suspicious or large QR-based transactions.
Payment Systems Department Bangladesh Bank Head Office Dhaka
25 Magh, 1429 Date: ----------------------- 08 February, 2023
PSD Circular Letter No. - 1
Managing Director / Chief Executive Officer Bangladesh Bank / All Scheduled Banks / Mobile Financial Service Providers / Payment Service Providers / Payment System Operators
Dear Sir,
Context for expansion of 'Bangla QR' code-based transactions.
Through PSD Circular No. 01, dated January 6, 2021, Guidelines for 'Bangla QR' Code Based Payments were issued, containing detailed explanations regarding the usage, transaction settlement, fee and charge determination, etc., of 'Bangla QR' operated within the country. In continuation of the said circular, the following instructions are provided for the expansion of 'Bangla QR' code-based transactions:
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Banks/Institutions shall replace their own Proprietary QR codes (if any) with 'Bangla QR' by June 30, 2023.
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The maximum daily transaction limit of 20,000.00 Taka per individual for static 'Bangla QR' code-based transactions has been removed. However, banks/institutions may determine the single transaction limit, daily transaction limit, and number of transactions for static/dynamic 'Bangla QR' code-based transactions for merchant payments based on their own risk considerations.
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Banks/Institutions must conduct proper verification/monitoring of QR-based transactions, especially suspicious/large amount transactions, and take necessary measures.
These instructions shall take effect immediately.
Yours faithfully, (Signature) (Md. Motasim Billah) Director (PSD) Phone: 9530174