Transactions via internet banking soared by Tk2,19,960 crore in the first eight months of FY23 the first eight months of the ongoing FY23, the country's internet banking transactions climbed by 63.63%.
Money transfers using internet banking were Tk2,19,960 crore between July and February.
In the same period of the previous fiscal year, it was Tk1,34,425 crore.
Within two years up to February, internet transaction amount increased by 247% to Tk29,385.9 crore from Tk8,477.3 crore in February 2021.
However, the most significant transaction during this period occurred in the first month of 2023, totalling Tk33,925.6 crore.
According to data analysis, more people in Bangladesh use computers and mobile applications to access various financial services.
The number of internet banking customers increased to a record 6.57 million in February 2023, up from 4.7 million in February 2022 and 3.4 million in February 2021, according to the most recent figures.
Internet banking, often known as online banking, allows users to conduct financial transactions over the internet and provides consumers with practically every service formerly available only through a local branch, such as deposits, transfers, and online bill payments.
Internet banking, which was introduced in Bangladesh by Standard Chartered two decades ago, has grown at a faster pace in the country since then.
Seeking anonymity, the head of Digital Banking in a commercial bank told Dhaka Tribune that customers who use internet banking services just once people try online banking, they start to recommend it to their friends and family.
Bankers said that internet banking is a safe and convenient way to carry out banking activities while maintaining physical distancing.
Furthermore, banks have offered a variety of goods, including mobile applications, in order to entice more users to their online banking systems.
The expanding number of internet users and the availability of smartphones aided the widespread adoption of internet banking.
To address the growing trend of online transactions, the Bangladesh Bank increased the interbank daily online transaction limit in September 2020, including a fivefold increase for institutional customers.
The ceiling for institutional users has been increased.
The limit on a single transaction has also been raised to Tk1 lakh from Tk50,000, and consumers can now settle a maximum of 10 transactions every day, up from five previously.
The daily transaction limit for institutional users has been established at Tk10 lakh, with a maximum of 20 transactions per day utilizing online banking, while the highest limit for a single transaction is Tk2 lakh.
Previously, there was no distinction between institutional and individual users. Tk2 lakh was the largest daily interbank fund transfers (IBFT) limit for both institutional and individual customers.
A maximum of five transactions were permitted per day under both conditions, with the maximum limit for a single transaction set at Tk50,000.
The IBFT is executed through the Bangladesh Bank's National Payment Switch Bangladesh.
Bangladesh Real Time Gross Settlement and Bangladesh Electronic Funds Transfer Network of Bangladesh Bank have also boosted internet banking.
Customers can instantly settle transactions of large volumes through RTGS while the BEFTN helps them carry out retail transactions within a day.
Source: https://www.dhakatribune.com/business/2022/10/11/online-banking-transactions-drop-in-july