How Can Bangladesh Achieve Cashless Society Title?

The concept of digital payments has revolutionized the structure of financial payments. Following Covid-19, people in Bangladesh started using digital payment systems, making cashless payments. Robust growth in digital payments is witnessed within Bangladesh amid the pandemic.

Another highly significant area of digital payments includes international remittances. People can money transfer to Bangladesh with the aid of digital money transfer services. ACE Money Transfer stands as an emerging leader for your digital money transfer services worldwide.  

According to the latest data results, credit card transactions rose high of 23.68% to Tk 1,244 crore in 2020. Simultaneously, the debit card transaction accomplished a growth of 14.59% yearly. The monthly transactions via mobile for September 2020 surged high to Tk 491.21 billion, which is 152% higher than 2016.

People in the UK also search for reliable means to send money to Bangladesh. If you are looking forward to making an international transaction to your home country, you can always count on ACE Money Transfer.

Digital Money Transfer in Bangladesh

It might not be earlier to depict that any country can become a cashless society if they adapt to the latest digital payment methods. Despite the recent increase in international remittances, 71% of money transfers were still not managed digitally. A significant portion of digital transactions led to the withdrawal of cash, which is ultimately the loss for the sole purpose of managing cashless transactions. 

It is expected that a distinct proportion of people will be able to access digital payments in the near soon. For the creation of an environment of digital payments in Bangladesh, there are several areas of improvement. However, you can send money to Bangladesh with the aid of a reliable remittance partner- ACE Money Transfer.

ACE provides digital money transfer services for different countries to send money across borders with convenience. You can take advantage of competitive exchange rates and cheap transactional costs with ACE Money Transfer. 

Digital Financial Payments & Service Providers

The Government of Bangladesh shall try to seek ways to promote digital payments through various methods. There are several countries globally where people pay cash with mobile phones or via credit cards. It is the responsibility of the government to regulate digital payments and services within a country.

Unfortunately, more than half of adults in the country do not have bank accounts in Bangladesh. It is evident, to receive a broad spectrum of international remittances, you must have a bank account. ACE Money Transfer aims at providing convenience during the execution of money transfer services. Furthermore, ACE focuses on the digital transfer of international payments in easy steps

Benefits of Digital Payments in Becoming “Cashless”

There is enough evidence to support the reality of numerous markets leading to cashless transactions. It might not take long for Bangladesh to transform cash payments into the world of digital payments. The benefits of digital payments are improved customer experience, increased operational efficiency regarding businesses.

People will also be able to send money to Nigeria with a digital payment service. On top of everything, it will provide transparency and accountability within the country. 

Furthermore, the chances of losing money again or getting robbed on the streets decreases as well upon the adoption of digital payments. Fraudulent payments can be dealt with accuracy, and money laundering can also be controlled. When you send money to your home country from the UK, digital payments are cost-effective rather than paying through cash.

The annual cost of using cash to businesses, governments is approximately around $200 billion, including ATM fees, theft cases, and lost tax revenue. 

Conclusion

In light of the above discussion, it is evident that any country can step towards becoming a ‘Cashless” society. All you have to do is to promote ways for people to accept and encourage digital payments. The benefits of digital transactions are way above compared to conventional cash payments.

People will soon be able to send money to Bangladesh with the aid of digital ACE money transfer. This will also enable the frequent transfer of funds worldwide. 

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