Dhaka, June 4 (UNB) - Bangladesh Bank governor Dr Atiur Rahman on Saturday stressed introducing the electronic payments in all banks for facilitating fast, safe and secure money transfer to meet their payment obligations.
“There is no alternative to e-Payment for facilitating trade and commerce as well as economic activities in the country,” he said at a seminar at Hotel Ruposhi Bangla (formerly Hotel Sheraton) in the city this (Saturday) morning.
Bangladesh Bank and Dhaka Chamber of Commerce and Industry (DCCI) jointly organized the seminar titled `E-Payment in Bangladesh: Opportunities and Challenges’.
Chaired by DCCI president Asif Ibrahim, the seminar was also addressed, among others, by Bangladesh Bank executive director Dasgupta Asim Kumar, IFC programme manager Dr Masrur Reaz and DCCI senior vice-president TIM Nurul Kabir.
Speaking as chief guest, Dr Atiur Rahman said a modern payment system is a necessity for the economic growth and development of a country.
He said the electronic payments are the most sophisticated and advanced part of the modern payment system that can help increase the economic growth and development of the country.
“BB has already drafted a law on payment system, which will be sent shortly to the concerned ministry for enactment. BB adopted the payment and settlement system regulation in the year 2009.”
The governor said Bangladesh Bank has been working to implement secured and efficient payment system in the country. A number of initiatives have been taken since October 2006 for modernizing the country’s payment system.
“Electronic payments are the recent developments in the payment system arena of the country, the term used for any kind of payment processed without using cash or paper based instruments,” he said adding that forms of e-payment includes EFT, card based payments, internet payment and Mobile payment.
Dr Aitur said Bangladesh Bank has recently allowed offering Mobile based banking services to some 11 scheduled banks and after getting some more proposals, BB has decided to put a uniform guideline for this.
He said the central bank has taken the initiative to streamline the service by introducing a common SWITCH for ATM/PoS.
“When implemented this will ensure the interoperability of these payment services and will also create a platform to offer internet based transactions and e-commerce in the country. This system is expected to be operational within next year.”
About security concern of the e-payments, the BB governor said identity theft is a common phenomenon in advanced countries and this has cast some doubts on the security of the electronic payments.
“I would like to ensure that, we’ve adopted the latest security techniques like encryption, PKI infrastructure and Digital Signature in the payment systems we operate, and are planning to implement these,” he said.
Dr Atiur said: “Having these securities in place, it is literally impossible for any unauthorised person to manipulate payment data.”
He, however, said that the banks participating and offering e-payment services to their clients through internet or Mobile phone will have to take responsible measures to ensure safety and security of their channels.