A Bangladesh Bank report shows that digital transactions in Bangladesh grew moderately in 2024, but traditional cash-based payments still hold the majority share. According to the Bangladesh Payment Systems Report 2024, digital transaction volumes rose from 36.67 crore to 40.31 crore, while the total value climbed from Tk 75,140 crore to Tk 76,340 crore between December 2023 and December 2024.
In comparison, non-digital transactions such as over-the-counter and cheque payments increased faster, with volumes rising from 34.62 crore to 45.49 crore and values from Tk 1.85 lakh crore to Tk 1.95 lakh crore. This shows that despite progress in financial technology, cash continues to dominate day-to-day transactions in Bangladesh.
Read More: Indian Textile Exporters Shift Focus to Europe as Tariffs Push Firms to Diversify Beyond US Market
Throughout the year, digital payments accounted for 47 to 56 percent of total transaction volume, while traditional methods represented 60 to 80 percent of total value. The highest digital activity was recorded in April and June (56 percent) due to Eid spending and social safety disbursements, while December saw the lowest share (47 percent) as people preferred cash for year-end settlements.
The report also highlights significant use of the Bangladesh Automated Cheque Processing System (BACPS), which cleared 1.04 crore instruments worth Tk 11.75 lakh crore in 2024. Meanwhile, the BD-RTGS system processed 54 lakh transactions valued at Tk 26.72 lakh crore, showing strong adoption for large-value transfers, including in multiple foreign currencies.
Read More: Japanese Companies Strengthen Investment in Bangladesh’s Expanding Consumer Market
The National Payment Switch Bangladesh (NPSB) handled 15.4 crore transactions worth Tk 2.71 lakh crore, with Inter-Bank Fund Transfer (IBFT) making up 80 percent of total value. ATM transactions continued to lead in volume (53 percent), while POS and QR payments grew slowly due to policy and awareness gaps.
Despite these advances, the Interoperable Digital Transaction Platform (Binimoy) faced limited use because of cost and integration challenges. Experts say this underscores the need for stronger incentives, lower transaction costs, and more awareness to build trust and accelerate Bangladesh’s digital payment transition.