Bangladesh Bank (BB) is reportedly planning to unveil National Payment Switch (NPS), a central payment system, in July 2014 as part of its plan to make electronic transactions convenient and affordable for the customers in the country.
The central bank of Bangladesh said that after all the banks join the NPS, a customer using a credit or debit card from any bank would be able to make low-cost transactions through any ATM and point of sales (POS) terminals in Bangladesh.
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Bangladesh Bank executive director Dasgupta Asim Kumar was quoted by The Daily Star as saying, "We are expected to begin the NPS services on full-scale by July."
He further said that currently BB is piloting 26-27 services that will be available under the NPS.
It is believed that NPS will enable the central bank to boost the transparency of internal and cross-border electronic transactions, optimize all regulatory and supervisory procedures, and slash related costs.
Furthermore, commercial banks equipped with an ATM, POS, e-payment gateways or mobile payment switches or connected to any other shared switch network will be able to provide inter-bank payment instructions to the NPS for clearing and settlement.
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By GlobalDataAccording to BB, only seven out of 56 banks have joined the NPS until now; however, the central bank believes that remaining banks will gradually join the network.
