The amount of internet banking transactions in Bangladesh has doubled over the past year, reflecting an increase in adoption of digital financial technologies.
According to Bangladesh Bank鈥檚 data, internet banking transactions surged to Tk 97,117 crore in April, compared with those of Tk 44,638 crore in the same month of 2023 and Tk 81,640 crore in December 2023.
The number of transactions also rose significantly, reaching 1,18,88,272 in April, up from 76,95,750 in April 2023.
Bankers attribute this growth to a rising number of tech-savvy individuals, particularly among the younger generation, who prefer the convenience of digital platforms for their banking needs.
Standard Chartered introduced internet banking in Bangladesh two decades ago and, since then, the service has rapidly expanded, providing significant ease in personal and business transactions.
The widespread availability of smartphones and the expanding internet user base have further facilitated the adoption of internet banking across the country.
Internet banking, also known as online banking or e-banking, allows customers to conduct various financial transactions over the internet through a bank鈥檚 website or mobile application.
These transactions include checking account balances, transferring funds, paying bills and accessing account statements.
One of the key benefits of internet banking is its convenience and flexibility, allowing customers to perform banking activities from anywhere with internet access, at any time, without needing to visit a bank branch.
This convenience saves time for customers and streamlines banking operations by reducing the need for manual paperwork and in-person transactions, appealing to those who value efficient and hassle-free services.
The number of internet banking customers in Bangladesh reached 85,24,325 in April, up from 69,30,832 in April 2023.
In March 2020, amid the global pandemic, the country had 26.49 lakh internet banking customers, a number that grew by over 221 percent by April 2023.
The central bank鈥檚 real-time gross settlement system recorded transactions worth Tk 4.09 lakh crore in April.
Introduced in 2015 to facilitate the real-time settlement of high-value, time-critical payments, the RTGS system has been widely adopted by banks, corporate houses and individual customers for instant payment settlements.
For individual customers, the maximum value per transaction through internet banking is Tk 3 lakh, with a maximum frequency of 10 times a day and a daily limit of Tk 10 lakh.
For corporate customers, the transaction limit is Tk 5 lakh per transaction, with a maximum frequency of 20 times a day and a daily limit of Tk 25 lakh.