Bangladesh, Aug. 6 -- When the central bank began pushing Bangla QR code as a single platform for interoperable digital payments, a surprisingly simple mechanism called USSD is suggested to reach cashless transactions all across society, including a street vendor.

Advertisement The transition to cashless payments has multiple benefits for all stakeholders, especially banks and financial institutions who can avoid costs of holding and transporting physical cash, says noted financial-sector executive Ms. Humaira Azam.

Ms Azam, who has spent 36 years in Bangladesh's financial markets and is now managing director of LankaBangla Finance, argues that the country cannot build a genuinely cashless economy by designing payment systems only for ...