Cashless transaction gains ground

Follow international examples for better functioning


The country has seen a boom in e-transaction. Whether it is through the internet, an app or an e-wallet, people have started opting for cashless transaction in this time of coronavirus. Throughout this crisis people are relying more and more on the option of paying through or making transactions via methods that don’t require any cash on hand. However, with more people depending on e-transaction there is a bigger scope for scammers and fraudsters to swindle money out of common people.

It should be ensured that proper

 safety nets are put in place so that people 

relying on cashless transaction do not fall victim to fraud

It should be ensured that proper safety nets are put in place so that people relying on cashless transaction do not fall victim to fraud because of low security. A report published in this daily showed that there is an upward trend in digital transactions. Compared to March, electronic fund transfers in April increased by 80.43 percent that amount to Tk 28,417 crore. Meanwhile, the number of debit card uses in April has also increased by 7764 amounting to 1.98 crore during the time of lockdown.

These numbers are highly laudable as it shows the hands-on fulfillment of digitalization of Bangladesh. With this it is also a step forward for the country to march shoulder to shoulder with the internationally accepted scene of monetary transaction.

People around the world have taken up digital payment methods long ago and Bangladesh too is speedily advancing towards that direction. However, when something gains much popularity, there is also scope for crimes taking place. And recently there have been reports of digital banking fraud. Keeping that in mind, we hope that the authorities concerned will look to examples set by foreign countries to find a solution.

In these trying times, it is essential to promote digital transaction more to keep the spread of the deadly virus to a minimum. Above all, everything is only as good as long as it is safe. So, proper security measures must be put in place so that cross-sections of people do not fall prey to unscrupulous people because of e-transaction.