PM launches local currency card ‘TakaPay’ to reduce US$ dependency

  • November 1, 2023

Prime Minister Sheikh Hasina launched the local currency card TakaPay today in an effort to reduce reliance on international card networks such as Visa and Mastercard and save much-needed US dollars. Bangladesh Bank issued the card, first of its kind, in Bangladesh.

Prime Minister Hasina launched the card from the Gono Bhaban. She was virtually linked to the headquarters of the state-owned Sonali Bank, the privately-owned City Bank, and the Brac Bank. The three institutions have been tasked with issuing the TakaPay card in conjunction with the central bank. TakaPay will provide services on a national scale using “The National Payment Switch of Bangladesh,” a BB-operated electronic payment platform. The card can initially be used within the country. Later, the central bank will issue a Taka-Rupee card that can be used to make purchases in India. The Visa and MasterCard payment networks of business institutions, including banks and other financial institutions, facilitate the electronic transfer of taka.