This time digital transactions at the cattle market

Not in e-commerce, this time digital transactions will be in the sacrificial animal market. Vendors will be able to receive money from animal sales through bank accounts and mobile banking services. They will have a Point of Sales (POS) device to receive money from the sale of animals. Through which buyers will be able to pay the sale price with debit and credit cards. Dealers do not have to pay any fee to withdraw money from the sale of cows.

As part of a pilot project called ‘Smart Bangladesh Smart Hat’, the transaction facility is being launched at six cattle markets of Dhaka North City Corporation. As a result, buyers and sellers of these markets will not have to worry about carrying money. This is the first experimental initiative taken by Bangladesh Bank to popularize digital transactions. The Ministry of Fisheries and Livestock, Dhaka North City Corporation (DNCC) and Bangladesh Dairy Farmers Association are cooperating in this.

Relevant sources said that digital transaction booths will be set up at Gabtali, Bochila, Aftabnagar, Bhatara, Uttara and Kawla cattle markets under DNCC. The booths will be operated by Bank Asia, BRAC Bank, Eastern Bank, Islami Bank, Mutual Trust Bank, The City Bank and Mobile Financial Services (MFS).

Buyers will be able to pay for the sacrificial animal using debit and credit cards, MFS and mobile apps at the booth. Banks and MFS institutions will assist both buyers and sellers in this regard. Through this, the central bank thinks that it will be possible to prevent the risk of cash transactions and counterfeit money in the cattle market.

From next Sunday, banks and MFS companies will start setting up booths at the said market. Initially, they will open accounts to bring livestock traders from different parts of the country under this program. Big traders will be given POS machines to receive money.

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