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He said contactless payment technology will improve user experience and reduce the risk of fraud.

A senior official of Bangladesh Bank said increased electronic transactions would enhance transparency and the state’s revenue collection.

Mahiul Islam, head of retail banking at Brac Bank Ltd, said users of contactless cards would not require to insert cards in the point of sales (POS) terminals and give their PINs for over Tk 5,000 transactions from now on. They will be able to make payment by tapping their cards and using PINs only, he added.

“This is a very good step. This will speed up digital transaction,” said Islam.