Internet Banking and App Transactions Experience Sudden Doubling in October

 

In the month of October of the outgoing year, there was a sudden surge in both the number and amount of money transactions within the country. The average monthly transaction using internet banking and apps during April-September was Tk 45 thousand crore. However, by the end of October, this figure had remarkably increased to about Tk 79 thousand crores. This surge represents an unprecedented number of transactions in a single month, as per Bangladesh Bank's report. Bank officials noted that the number of digital transaction customers within the country had been consistently increasing. In October, during various political events and a significant rally on October 28, a large portion of customers opted for online transactions over physically visiting banks. This shift contributed to the substantial increase in transactions for the month. However, some argue that the surge might be due to incomplete information and that the actual scenario will be clearer with the release of next month's data. An average of Tk 45 thousand crores was transacted in the period of April-September of the outgoing year, but this figure dramatically jumped to Tk 79 thousand crores in October. Among the banks in the country, Islami Bank's cellphone and internet apps have the highest transaction volume, accounting for nearly half of all transactions. Other popular apps include Nexus Pay by Dutch-Bangla Bank, City Touch by City Bank, Astha by BRAC Bank, Sky Banking by Eastern Bank, and various other bank apps like Standard Chartered Bank's Internet Banking, Mutual Trust Bank's MTB Smart, Dhaka Bank's Go Apps, etc. According to Bangladesh Bank's data, in January of last year, there were 64 lakh 32 thousand 291 customers using internet banking and mobile apps, with a transaction volume of Tk 33 thousand 925 crores. By October of the same year, the number of customers had increased to 79 lakh 80 thousand 859 people, and the transaction volume reached Tk 78 thousand 863 crores. Bank officials attribute the increase in digital transactions to the growing comfort of people with availing services from home. Additionally, various uncertainties in October likely contributed to the sudden surge in transactions. BRAC Bank's app Aastha, which has been in the market for two years, recently underwent a redesign. It provides not only financial services but also other benefits, and the bank does not charge any transaction fees on the app. BRAC Bank Managing Director Salim RF Hossain mentioned, "New customers are constantly being added to our apps. The app has already crossed 5 lakh subscribers, and more than 8 thousand crore rupees are transacted on apps." Once, customers had to withdraw cash from one bank to another, and checks were not universally accepted. Now, technology has revolutionized banking transactions, with internet banking and app-based services becoming increasingly popular. Currently, around 8 million customers in the country are availing banking services through internet banking and apps. These services offer a range of benefits, including checking account status, transferring money between banks, paying service bills, mobile recharge, purchasing tickets, settling card bills, and making monthly savings deposits.