Online Desk: Bangladesh Bank will launch local currency card ‘Taka Pay’, first of its kind in the country, to reduce dependence on international cards and save much-needed US dollars.

Prime Minister Sheikh Hasina will inaugurate the card on tomorrow (Wednesday). Then ‘Taka Pay’ will be functional.

The card will be issued by state-owned Sonali Bank and private sector BRAC Bank in collaboration with the central bank.

‘Taka Pay’ will provide the same service nationally through the use of ‘The National Payment Switch of Bangladesh’, an electronic payment platform operated by the BB.

Initially, it will be launched by the central bank for internal use and later Taka-Rupee cards will be launched. Through the card customers can transact in India.

Electronic transfer of taka is done through Visa and MasterCard payment networks of business institutions including banks and other financial institutions. These entities offer branded payment processing services for credit, debit, and prepaid cards. Domestic card ‘Taka Pay’ will provide the same service, the BB sources said.

Bangladesh’s neighboring countries also have their currency cards. India has card ‘Rupee’, Pakistan ‘Pakpay’, Sri Lanka ‘Lonkapay’. Saudi Arabia has ‘Mada’.

Earlier, central bank governor Abdur Rauf Talukder announced that Bangladesh Bank will issue a National Debit Card.