Bangladesh witnessed a sharp rise in digital financial activity during May, with digital transactions increasing by 22.32% compared to the previous month. This growth reflects the country’s accelerating shift toward a cashless economy, driven by the expanding adoption of mobile banking, internet banking, and other fintech services. According to recent data from the central bank, the total volume of digital transactions in May reached Tk 148.41 trillion, up from Tk 121.33 trillion in April. This remarkable growth is largely attributed to increased consumer confidence in electronic financial systems and ongoing efforts to expand financial inclusion across urban and rural areas. Mobile financial services (MFS) continued to play a pivotal role in this digital surge. With users relying more on mobile wallets for utility payments, merchant transactions, salary disbursements, and government transfers, the MFS sector remains at the forefront of Bangladesh’s digital transformation. The convenience and security offered by platforms like mobile banking apps and agent-based banking have empowered millions to manage their finances digitally. Internet banking also posted significant gains. More individuals and businesses are adopting online platforms for fund transfers, bill payments, and account management. The shift is driven by rising digital literacy and strategic banking initiatives aimed at improving customer experience through tech-driven services. Government policies and regulatory support have further propelled this growth. Initiatives such as real-time gross settlement (RTGS), interoperable digital transaction platforms, and incentives for electronic payments have laid the groundwork for a robust digital economy. Public awareness campaigns have also helped promote the use of cashless options, especially among small businesses and rural populations. This rise in digital transactions aligns with Bangladesh’s broader financial inclusion and digitization goals. As the country prepares for a smart economy, ensuring safe, accessible, and efficient digital financial services is seen as a key priority. Financial institutions are now investing more in cybersecurity, user education, and digital infrastructure to accommodate this growing demand. Experts believe that this upward trend in digital payments is not temporary but part of a long-term behavioral shift. As younger generations grow up with digital-first mindsets, the need for physical cash is gradually diminishing. Businesses too are increasingly embracing digital payment systems to enhance transparency, reduce costs, and improve customer service. The 22.32% growth in May is more than just a statistic—it reflects changing consumer habits and growing trust in digital systems. It marks another step toward a more inclusive, efficient, and modern financial ecosystem in Bangladesh.
