Dhaka, Jan 08 (V7N) — Bangladesh is rapidly progressing toward a cashless economy, with more than one-third of transactions now conducted on digital platforms. However, experts say that fraud and security concerns are slowing the sector’s growth.

The information was presented by researchers and economists at a seminar organized by the Policy Research Institute (PRI) on Thursday.

According to the seminar, mobile financial services (MFS) play the largest role in retail-level digital transactions. In 2024 alone, more than 17 lakh crore taka was transacted through mobile platforms, which now have over 80 million active users.

Mobile wallets are increasingly used for sending money, making shop payments, receiving remittances, and distributing government allowances and aid. Small traders are also beginning to adopt digital commerce, expanding the reach of cashless transactions.

Despite this progress, experts noted that Bangladesh’s position in the cashless economy lags behind neighboring countries such as China and India, primarily due to fraud, insecurity, and lack of user confidence.

END/SMA/AJ