The Daily Star — Internet banking transactions rose more than 61 per cent year-on-year to Tk 27,426 crore in November in Bangladesh as an increasing number of people are opting for digital technologies to carry out financial transactions, official figures showed.
This compared to Tk 17,009 crore registered in the same month a year earlier, according to data from the Bangladesh Bank.
Internet banking, popularly known as online banking, was introduced in Bangladesh two decades ago. But the pace has been accelerated by the coronavirus pandemic since consumers were compelled to turn to internet to access finances from the conveniences of their homes in a bid to avoid catching the deadly virus.
Internet banking customers have nearly tripled since March 2020 to 61.27 lakh in November last year.
In the third month of 2020, when the pandemic struck the world, the number of internet banking customers was 26.49 lakh in Bangladesh. It was up more than 42 per cent from 43.06 lakh in November last year.
Transactions worth Tk 6,588 crore were processed through digital platforms in March three years ago.
Local banks transacted Tk 40,457 crore using the Bangladesh Electronic Funds Transfer Network (BEFTN) in November, up from Tk 38,178 crore, an increase of 6 per cent year-on-year.