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The amount of money transacted through the mobile financial service soared to Tk 94,293 crore in June due to the diversification of the service by the operators.
The transaction in June was 23.56 per cent or Tk 17,981 crore higher than the Tk 76,312 in the previous month and it was 19.98 per cent or Tk 15,707 crore higher than the Tk 78,586.2 crore in the same month of 2021, according to Bangladesh Bank data.
In June, the transactions included Tk 27,419.5 crore as cash-in, Tk 26,692.1 crore as cash-out, Tk 24,520.6 crore as person-to-person, Tk 3,126.5 crore as merchant payment, Tk 3,508.8 crore as government-to-person, Tk 3,264.1 crore as salary disbursement and Tk 2,059 crore as utility bill payment.
Besides, customers purchased talk-time worth Tk 797.5 crore through using MFS in June.
MFS data are compiled considering both Nagad and MFS through scheduled banks (Bkash, Rocket, Upay, Surecash).
Customers have also found making different kinds of payments through the MFS convenient amid a growing digital financial ecosystem.
The latest BB data showed that the transactions in all type of services posted a notable growth in the month under consideration.
MFS operators are introducing new services for the customers which played a pivotal role in the growth.
The growth indicated a behavior shift of the general people to the digital transaction platforms.
The coronavirus pandemic pushed customers for purchasing online that led to the growing popularity of MFS.
Besides, remittance inflows and disbursements of various government stipends, contributions, and private-sector industrial wages through MFS were the other factors behind the current growth of the sector.
Now-a-days customers of MFS operators can make a wide range of payments, including utility services and talk-time purchase, through MFS.
On the platforms of the MFS operators, one can now pay electricity, gas, water, internet, telephone and credit card bills, make payments for cable or DTH and education institutions and deposit government fees.
Customers can add money or deposit money in their MFS accounts from different bank accounts at ease, officials said.
In addition to these, the customers now-a-days can pay street vendors, known as micro merchants, from their MFS wallets, another major development in the MFS ecosystem taken place in recently.
The BB also increased the transaction limit through MFS amid a rapid adoption of the service by people.
Some mobile MFS operators offered discounts against shopping payments by using their service.
In the past one year, the number of MFS accounts increased by 2.62 crore to 17.86 crore from 15.24 crore.
The MFS started its journey in 2011 with the launch of Rocket which is a Dutch-Bangla Bank’s mobile financial service.
At present, 13 MFS operators are providing MFS services with bKash, Nagad, ROCKET, UPAY, mCash and SureCash remaining the major market players.
(NA)
