In Bangladesh, mobile banking has become incredibly popular as a practical and accessible means to handle financial transactions. Mobile banking saves customers considerable time by removing the need to wait in line for hours at the bank or stand in huge lines.Banking is more effective and time-saving when transactions are conducted fast and conveniently with only a few taps on a mobile device.So let’s know about Top Mobile Banking Service in Bangladesh.

Bangladesh’s Mobile Financial Services (MFS)

Using mobile devices like smartphones to execute financial transactions and banking operations via digital platforms is known as mobile banking, also known as MFS (Mobile Financial Services).Bangladesh has seen a rise in the use of mobile banking as a result of the country’s broad mobile phone usage and the use of digital financial services.

The central bank, Bangladesh Bank, which has developed guidelines and regulations to ensure the safety and security of mobile banking transactions, regulates and oversees mobile banking.In Bangladesh, banks and other financial institutions frequently provide mobile banking services, also known as mobile financial services or mobile banking services, in collaboration with mobile network carriers.

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List Of Bangladesh Mobile Banking

In recent years, mobile banking in Bangladesh has grown significantly, with many banks and financial institutions now providing mobile banking services to meet the rising demand for online financial services.Bkash, Rocket, Nagad, Dutch-Bangla Bank Mobile Banking, Upay, and more well-known mobile banking services are available in Bangladesh.Numerous features and capabilities, such as financial transfers, bill payments, cell recharge, savings and credit options, and merchant payments are offered by these mobile banking services. In Bangladesh, some of the best mobile banking services have covered specifics.

01. Bkash Mobile Banking

Bkash was established in 2010 as a division of BRAC Bank, one of the biggest private commercial banks in Bangladesh. In 2011, it debuted under the name Bkash. It was started with the intention of giving Bangladesh’s unbanked and underbanked population accessible, affordable financial services.Bkash began its adventure with a constrained selection of services, but as time went on, it broadened its selection and became immensely popular with the general public.

With a big user base and a widespread network of agents and merchants nationwide, Bkash has grown to become Bangladesh’s largest mobile financial service provider. People who have little access to traditional financial institutions were successfully given banking services by Bkash.The bKash USSD dialing code is *247#.

02. Rocket Mobile Banking

In Bangladesh, mobile network operators work with Rocket Account to offer customers services through mobile banking. It enables customers to access different financial services through their cellphones, including fund transfers, utility bill payment, mobile recharge, online shopping, and cash out.

Users of Rocket Account can manage their accounts with ease without going to a bank branch or carrying cash. This mobile banking service’s dialing code is *322#.

03. Nagad Mobile Banking

Nagad is a digital financial service that provides a variety of financial transactions through a mobile app in Bangladesh. It is run by the Bangladesh Post Office with the intention of offering simple and practical digital payment options to Bangladeshis.

With Nagad, customers may do a lot of things from the convenience of their mobile devices, including sending and receiving money, paying bills, recharging mobile phones, and making online purchases.This mobile banking service’s dialing code is *167#.

04. SureCash Mobile Banking

SureCash offers a variety of financial services via mobile phones and is a well-liked mobile banking service in Bangladesh. It is run by Progoti Systems Limited, a well-known tech firm in Bangladesh.

In Bangladesh, a mobile banking service called SureCash provides a number of features to make it easier for people to do financial transactions on their smartphones.This service’s dialing code is *495#.

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05. MCash Mobile Banking

In Bangladesh, a company called Mcash offers a variety of financial services via mobile devices. One of the major banks in Bangladesh, Mutual Trust Bank Limited, manages its operations.

Customers can add money to their Mcash accounts by transferring funds from other Bangladeshi bank accounts or through authorized Mcash agents. Customers can do this to make additional deposits into their Mcash accounts for various transactions.This service’s dialing code is *259#.

06. Upay Mobile Banking

Digital payment systems have become extremely popular in today’s fast-paced society because of their convenience, quickness, and security. In Bangladesh, users have grown more accustomed to using Upay accounts.

It is a digital wallet that enables users to do several financial operations from the convenience of their cellphones, including money transfers, bill payments, mobile recharges, online purchases, and much more. This service’s dialing code is *268#.

07. Trust Axiata Pay (Tap)

Currently, mobile banking businesses are operating in Bangladesh and offering a range of services and incentives. One of them recently added is Tap Mobile Banking, formerly known as T-Cash.

Trust Bank Limited and Malaysia’s largest telecom company Axiata jointly offer the Trust Axiata Pay (Tap) mobile banking services. It is expected to quickly become a well-known mobile banking provider in Bangladesh. The short number for wallet is *733# (t-cash menu) or *201#.

Advantages of Mobile Banking

Financial services are now more readily available to underserved groups, such as those who live in distant locations or have limited mobility, closing the gap between them and financial inclusion.

Numerous benefits come with mobile banking, including an easy, safe, and open approach to manage finances. Let’s discuss the benefits of mobile banking immediately.

• It is possible to pay for various utility bills.
• You can file your income tax return.
• Bank transfers are not possible, although a small sum of 50 TK can be sent anywhere in the nation.
• Through an ATM booth, cash can be withdrawn.
• Add Any bank can send funds to mobile banking, and mobile banking users can send funds to the primary account of any bank.

Disadvantages of Mobile Banking

Even if mobile banking has numerous advantages, there are some drawbacks as well. Users need to be aware of potential risks and downsides as with any digital technology. The next section has discussion of the drawbacks of mobile banking.

Both benefits and drawbacks of mobile banking exist. The benefits of mobile banking are being reaped by all citizens of the nation, but in addition to being victims of numerous frauds, people are also encountering a number of challenges. The drawbacks are as follows:

• Compared to banks, mobile banking has a substantially larger transaction volume.

• Large transactions shouldn’t be sent through mobile banking because doing so incurs fees that would not apply if the money were sent directly from the bank.

• Because not everyone can learn these things quickly and many people are unfamiliar with the guidelines for sending bills, paying various sorts of invoices through mobile banking can be a burden.

• If you don’t submit the necessary account opening and current balance information, you won’t be able to set up your Mobile Banking PIN again in the event that you forget it, which is a loss for the customer.

• Mobile banking is frequently used to defraud customers. Fraudulent groups are attempting to obtain customers’ verification codes or PINs by offering various forms of inducement or by instilling fear that their accounts will be terminated and their money will be stolen through account hacking.

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Stats Regarding Mobile Banking In Bangladesh

The figures on mobile banking in Bangladesh show how significantly this revolutionary service has grown and changed the country. Mobile banking has grown rapidly over the past ten years, altering the financial industry and broadening the country’s access to finance.

Numerous Bangladeshis have adopted mobile banking as a quick and secure way to obtain financial services, according to the statistics.

Licenses for Mobile Financial Services (MFS) have been given out by the Bangladesh Bank to let those without bank accounts become a part of the established financial system.

Due to its advantages and potential for earning income, MFS has grown in favor among government organizations. The development of the MFS sector has been positively impacted by a number of variables, including a tech-savvy populace, ubiquitous mobile connectivity, and growing internet adoption.

The transaction value of mobile financial services increased significantly in FY 2022, by 30%, to Tk9,900 billion from Tk7,595.6 billion in FY 2021, according to reports from the Bangladesh Bank. Presently, Bangladesh is home to 1.53 million MFS agents.

The top four MFS suppliers, bKash, Nagad, Rocket, and SureCash, each have a market share of 11.7%, 18.1%, and 39.9%. MFS is used by customers for a range of financial activities, including transactions and bill payment.

MFS has been able to increase its product offerings and better serve customers because to this significant growth in its customer base. Given these encouraging signs, it is safe to infer that businesses in this sector are growing and making stable profits.