Top 7 Mobile Banking Services in Bangladesh Details Information – The landscape of financial services has undergone a significant transformation over the past decade.
The concept of accessing financial services without visiting a physical bank branch was inconceivable just ten years ago.
When mobile financial services (MFS) or mobile banking were first introduced about a decade ago, their acceptance and reliability were subjects of skepticism.
However, fast forward to today, and services like bKash, Rocket, and Nagad have become integral components of our daily financial transactions.
Mobile Banking Services in Bangladesh
Mobile banking, often referred to as “m-banking,” is a banking service that allows individuals to conduct financial transactions and manage their bank accounts using mobile devices, such as smartphones or tablets.
This service enables customers to perform various banking activities remotely, without the need to visit a physical bank branch.
In Bangladesh, numerous mobile banking services are offered by renowned banks. This article aims to introduce you to some of the most popular mobile banking services available in Bangladesh.
Top 7 Mobile Banking Services in Bangladesh
Here’s a list of the most popular mobile banking services in Bangladesh for 2023:
bKash
bKash is a mobile banking system offered by BRAC Bank, one of the renowned banks in Bangladesh. It was launched in July 2011 and has soared in popularity since then. You can access bKash by dialing *247#.
Nagad
Nagad is an innovative and dependable mobile banking service initiated by the Bangladesh Post Office on November 11, 2018.
It offers essential services like Cash-In, Cash-Out, Send Money, and online mobile recharge. Nagad also provides a mobile app for customers and partners. To access Nagad, dial *167#.
Rocket
Rocket is Dutch Bangla Bank’s mobile banking system, introduced in May 2011, making it one of the early players in the field. Initially named Dutch Bangla Bank Mobile Banking, it later adopted the name Rocket.
You can access Rocket by dialing *322#.
MCash
MCash facilitates transactions through an Islami Bank Bangladesh Limited Mobile Bank Account, allowing you to deposit, withdraw, recharge, transfer funds, and more.
This service was launched in 2019, and you can access it by dialing *259#.
SureCash
SureCash is a mobile banking system in Bangladesh offered by Rupali Bank Limited.
It offers payment services to various entities, including banks, NGOs, mobile network operators, utility merchants/retailers, companies, employers, insurance companies, and government departments. Access SureCash by dialing *495#.
Upay
Upay is a comprehensive mobile banking app offered by UCBL. It has received authorization from Bangladesh Bank to provide Mobile Financial Services (MFS).
Upay aims to offer banking services to unbanked citizens in Bangladesh. You can access Upay by dialing *268#.
Trust Axiata Pay (Tap)
Trust Axiata Pay (Tap) is a newcomer in the mobile banking landscape. It is offered by Trust Bank Limited in collaboration with Malaysian telecom giant Axiata.
This service is expected to gain popularity in Bangladesh. To use Tap, dial *733# or *201# for the T-Cash menu.
Final Thoughts
Mobile banking has become immensely popular worldwide, and Bangladesh is no exception. It has played a pivotal role in our economy and is poised for a bright future.
This article has introduced you to the most popular mobile banking services in Bangladesh, which can help you make informed choices for your financial transactions.
FAQs For Mobile Banking Services in Bangladesh
Here are some frequently asked questions and answers about Mobile Banking Services in Bangladesh for additional information.
Why is mobile banking becoming increasingly popular?
Mobile banking’s popularity is on the rise because it offers more than just money transfers.
It is widely used for various small business and personal transactions, including bill payments, salary transfers, shopping, government allowances, ticket purchases, insurance premium payments, mobile recharges, and more.
It provides accessibility 24/7, making it convenient for users.
What are the advantages of mobile banking?
Mobile banking offers several advantages, including:
- 24/7 access to financial services from anywhere.
- Availability from most banks via official mobile banking apps.
- The ability to apply for banking services such as loans and fixed deposits from home.
Are there any disadvantages of mobile banking?
Mobile banking is generally secure, with transaction limits being its primary limitation. However, if someone gains access to your user ID and password, they can transfer funds without your consent.
Therefore, it’s crucial to keep your login credentials confidential to maintain security.
Final words
Mobile banking has become increasingly popular due to its convenience and accessibility. It allows users to manage their finances on the go, make payments from anywhere, and stay informed about their account activity.
However, users need to follow security best practices to protect their financial information when using mobile banking services.
