E-banking in the country runs out of steam in August

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| Update:
Oct. 18, 2020, 7:26 p.m.


Transactions through most online banking channels have been mediocre in August compared to July in recent months as people move up.

E-commerce transactions fell by Tk. 1.52 billion in August 2020 compared to last July.

Mobile financial services transactions also fell more than 34% in the month compared to July, according to central bank statistics.

ATM transactions fell to Tk 128.3 billion in August from Tk 173.4 billion in July, point-of-sale or point-of-sale transactions amounted to Tk 11.8 billion, down 16% from July 2020, according to statistics.

Interbank transactions via EFT (electronic funds transfer) and real-time gross settlement (RTGS) also declined in August compared to July 2020.

EFT transactions fell to Tk 216.4 billion in August from Tk 271.8 billion in July, RTGS fell to Tk 1.71 trillion in August from Tk 1.76 trillion in July.

Only Internet banking transactions jumped to 68 billion Tk in August against 62.5 billion Tk last July.

People familiar with the development of the central bank and other commercial banks were divided over the reasons for such a grim picture of the financial market.

Some argued that there were fewer working days in August than in July, while others said many have now shifted to traditional products or physical means instead of online banking products.

Someone, however, said a month’s data was not enough for comment.

A central bank official told FE August had fewer working days. “At least three working days were less than July.”

She said: “Both EFT and RTGS transactions fell during the month (August) and fewer business days are the main reason.”

Syed MahbuburRahman, chief executive and CEO of Mutual Trust Bank, said one-month data does not reflect an accurate picture. “We will have to wait for more data for more months to analyze the trend.”

Conversely, an official at private bank BRAC told FE that in July e-commerce transactions were higher as many opted for virtual shopping, even many bought cattle for the celebrations of the ‘Eid.

“Now people are buying goods and services physically rather than virtually. “

ShamsudidnHaiderDalim, spokesperson for atbKash, the market leader in the mobile financial system, said the overall transaction in July was higher.

He said remittances and other types of transactions were higher in July due to Eid-ul-Azaha, especially in late July.

“In my opinion, this trend will gradually improve over the next few months.

The main components of MFS that spiked were the purchase of talk-only time, others like cash in, out, pay out, G2P, and utility bills were down in August.

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