BB allows use of other networks alongside NPSB for PoS-based transactions

Staff Correspondent | Published at 12:00am on December 10, 2019

The Bangladesh Bank on Monday allowed banks and non-bank financial institutions connected with the National Payment Switch Bangladesh to use other networks alongside NPSB while making transaction through point of sales.

A BB circular issued on the day said that the waiver would be applicable to local transactions only upon ensuring security of the respective entities’ system.

Earlier, there was no scope for the banks and NBFIs for using other networks while making transactions through PoS.

The policy has been relaxed to facilitate businesses using newly emerging payment systems, BB officials said.

In August, 2017, the BB issued a detail instruction for the banks and NBFIs on the use of automated teller machine, PoS and online payments with a view to making the system secure for the users.

In August this year, the banks and NBFIs executed through PoS 5,11,590 transactions worth Tk 183.51 crore, up 6.18 per cent on Tk 172.83 crore in July this year.

As per the BB’s data, a total of 52,846 PoS terminals of 50 banks are connected with the NPSB.