The country will soon get the first ever digital pre-paid cash card as the Bangladesh Bank (BB) has decided to allow the commercial banks to issue such a modern facility in line with the vision for digitalising Bangladesh by 2021.

The central bank on Tuesday initiated the cash digitalisation process with the approval of a private bank's proposal to introduce pre-paid cash card in the country. The Trust Bank Limited, one of the leading financial institutions in the private sector, has got the permission from the central bank to introduce the pre-paid digital cash card.

People in developed countries can get the pre-paid cash card even from the post shops for all sorts of cash transactions. In Bangladesh, initially the Trust Bank will issue the cash card and the other banks will get the similar permission later, a BB official told BSS here on Thursday. The Trust Bank Limited in July this year formally sought the approval of BB for the cash card, which the bank will introduce in association with two other private companies-Digital Technologies Limited and Information Technology Consultant Limited.

Digital Technologies Limited will provide Trust Bank with the platform for mobile payment while Information Technology Consultant Limited furnish inter- bank switching and connectivity provider. The central bank in a letter on Tuesday told the Trust Bank to introduce the cash card within six months from the date of approval.

The official said the pre-paid cash card could be used for withdrawal of cash from automated teller machine, bill payment, transactions at point of sale (POS) and for inter-bank and intra-bank account transfer. The Trust Bank will set its rules and regulations for issuing the card to the interested people. The rules and regulations, however, will be easier than issuing debit and credit cards. The pre-paid cash card will allow people to do their daily financial transactions without risking on carrying cash.

-New Nation