The digital banking got a big push in the recent months as people preferred staying at home or offices instead of frequently visiting the banks and booths.
The internet banking, mobile financial services (MFS), EFT (electronic fund transfer) and e-commerce got a boost in the months of May and June last, according to the central bank statistics.
Many believed that such a trend might continue in the months to come as the cronavirus is still highly active in Bangladesh.
They said the social distancing and restricted movements by the people had helped accelerate the pace of digital banking during the past few months.
The Bangladesh Bank (BB) latest statistics showed that the internet banking both in terms of number and volume of transactions went up during the May-June period.
Internet banking customers were 2.74 million in June 2020, up by over 570,000 from the same month a year earlier.
The number of e-commerce customers and volume of transactions also recorded rise during the period.
The e-commerce customers were also up in May and June last. In June a total of 1.54 customers transacted through the e-commerce channel and the transactions stood at Tk 4.91 billion, a substantial jump of nearly 190 per cent from the same month in 2019.
The volume of electronic fund transfer went up in June last to Tk 238.08 billion against Tk 126.7 million a year earlier.
All transactions through MFS stood at Tk 473.7 billion in May, 2020, and Tk 448.3 billion in June, 2020.
It was Tk 317.08 billion in May, 2019 and Tk 422.36 billion in June 2019, the statistics showed.
The main components of the MFS that witnessed a spike were talk-time purchase, utility bills payment and salary disbursement.
In June last, people purchased talk-time worth Tk 6.26 billion against Tk 4.54 billion in June last year.
Utility bills payment thorough the MFS hit all-time high of Tk 9.92 billion in June last.
On the other hand, ATM cash withdrawals and POS transactions were dipped in volume and in value as the people avoided the outdoors.
The two key mediums of digital banking - ATM (automated teller machine) and POS (Point of sale) -were picking up, but those are yet to reach even at the pre-lockdown period.
People at the central bank told the FE that there was an uptrend in internet banking and e-commerce amid the Covid-19 especially from May.
They said that during the month of April, all types of transactions were poor due to the strict restrictions on the movements of people.
"Even we did shut one mechanism of the digital settlement systems named RTGS (real time gross settlements) in April," said an official at the BB.
Syed Mahbubur Rahman, CEO and managing director at the Mutual Trust Bank, told the FE that the digital transactions were surging due to the Covid-19."Its growth was slow earlier, but now the corona has given it a big push."
He said that the MTB has now partnered with many online shops to attract the customers at the alternative channels.
Shamsuddin Haider Dalim, head of corporate communication at the bKash, a popular MFS in Bangladesh, said that the Covid situation has forced many to go through the digital platforms.
He said the remittance inflow, Eid and picking up of economic activities were the main reasons behind the rise in MFS transactions. This trend would increase further in the days to come, he added.
