Our country has made remarkable strides in digital payments recently – adopting debit cards, QR codes, credit cards, mobile wallets and e-commerce – embracing it all. There is immense potential for digital payments as we move towards a Digital Bangladesh.

Visa has been in Bangladesh for over three decades and is deeply committed to its digitisation journey. We work closely with partners across the financial ecosystem to enable simple, secure payments for consumers and businesses. As per GSMA, smartphone users in Bangladesh will rise to 63 percent by 2025, unlocking opportunities through democratised internet access.

Deepening contactless payments for everyday use

More people in Bangladesh are using debit and credit cards, with increased digital spending online and in-store, buoyed by the popularity of mobile financial services (MFS) and linked cards.

Domestic contactless payments, with their inherent value, convenience and speed, have tripled in one year and are a part of our daily lives, allowing users to tap their Visa cards to pay. World over, contactless cards are commonly used in retail stores, restaurants, transportation and daily commute. In many countries, one can save card details on smartphones and pay, eliminating the need to carry cards.

Visa is also working closely with digital wallets to enable wallet top-ups or direct payments using Visa on the app, digitally enabling more people with better payment experiences.

Strengthening security and fraud prevention

Security and privacy are crucial for consumer trust. Visa has globally invested $12 billion in cutting-edge security technologies over the past five years alone and is working closely with partners every day to secure payment experiences.

Our fraud prevention tools help detect and stop fraud, alongside dispute management solutions that safeguard the ecosystem. Two powerful products, Visa Advanced Authorization (VAA) and Visa Risk Manager (VRM) give global issuers integrated, comprehensive fraud risk management for informed decisions, enhancing cybersecurity and protecting consumers.

Encouraging adoption for accelerated growth

At Visa we understand the needs of different segments and tailor how we serve them with customised card offerings, SMB digitisation initiatives and investing in technology.

Businesses in Bangladesh, both big and small, can gain a lot from digitising payments – managing cash flows better, securing transactions and tracking expenses conveniently. By using commercial cards, businesses can be part of a more efficient and transparent financial system. Plus, digital transactions make it easier to monitor financial activities and advanced technology helps to protect against fraud.

Looking ahead

Scalable digital payments should enable one to pay anytime, anywhere. We have seen transit payments visibly boost digital adoption. Imagine if you could just tap your smartphone to pass through your daily commute. Visa has implemented 750+ public transit projects globally and enabled open-loop transit payment systems for more efficient, user-friendly public transportation in cities like London, Osaka and New York.

At Visa, we are committed to enhancing the digital payments ecosystem in Bangladesh with our promise of trust, security, simplicity, and efficiency. With technology and key partnerships, we aim to strengthen financial inclusion, making digital payments accessible for everyone. As Bangladesh continues to embrace digitisation, the potential for economic growth and financial inclusion is huge, and Visa is here to help pave the way for a more prosperous and inclusive economy.

The writer is the country manager (Bangladesh, Nepal and Bhutan) at Visa.