Top 7 Mobile Banking Services In Bangladesh 2024[Updated] | Wiki Of Info (2024)

A decade ago, the idea of conducting financial transactions without visiting a physical bank seemed like a distant dream. However, the proliferation of mobile phones in Bangladesh in the 1990s laid the foundation for what we now know as mobile banking or mobile financial services (MFS). Initially met with skepticism, these services have now become an integral part of the financial landscape in Bangladesh, offering convenience and accessibility to millions of people.

Mobile banking in Bangladesh has evolved significantly, with registered customers being able to perform a wide range of financial transactions using just their mobile phones. This has not only reduced the need for long queues at banks but has also saved valuable time, enabling users to transfer money within seconds. Additionally, mobile banking service charges vary depending on the provider’s policies, with some companies offering promotional or lower cash-out fees. It is advisable to check the current charges online before using these services. Now have a look essential information about the best mobile banking services in Bangladesh from below:

Mobile banking in Bangladesh has seen significant growth and popularity. Several prominent mobile banking services, such as bKash, Nagad, and Rocket, offer convenient and accessible financial transactions through mobile phones. Users can perform various tasks like money transfers, bill payments, and mobile recharges using mobile banking services. These services have revolutionized the way people handle their finances, saving time and providing access to financial services 24/7. Mobile banking in Bangladesh is secure and has a promising future as it continues to evolve and cater to the needs of a diverse customer base. Well, we’ll introduce you to the top 7 mobile banking services in Bangladesh in 2024:

1. bKash

bKash, offered by BRAC Bank, launched in July 2011 and quickly became one of the most popular mobile banking services in Bangladesh. With the USSD code *247#, users can access a wide range of financial services.

2. Nagad

Nagad, initiated by the Bangladesh Post Office on November 11, 2024, has gained recognition for its reliability. It offers services such as Cash-In, Cash-Out, Send Money, and online mobile recharge. Users can access Nagad through the dialing code *167#.

3. Rocket

Rocket, offered by Dutch Bangla Bank, began its journey in May 2011, just two months before bKash. Originally named Dutch Bangla Bank Mobile Banking, it later rebranded to Rocket. You can use the service by dialing *322#.

4. MCash

MCash, introduced in 2024, allows users to perform various transactions through an Islami Bank Bangladesh Limited Mobile Bank Account. These transactions include depositing, withdrawing, recharging, transferring funds, and purchasing commodities or services. Access MCash by dialing *259#.

5. SureCash

SureCash, offered by Rupali Bank Limited, provides payment services to banks, NGOs, mobile network operators, and payment affiliates. Users can make payments, recharge mobiles, and top-up online, among other services, by dialing *495#.

6. Upay

UCB’s Upay is a comprehensive mobile banking app authorized by Bangladesh Bank to provide Mobile Financial Services (MFS). It aims to extend banking services to the unbanked population in Bangladesh. You can access Upay through *268#.

7. Trust Axiata Pay (Tap)

Trust Axiata Pay (Tap), a newcomer in the mobile banking scene, is offered by Trust Bank Limited and Malaysian telecom giant Axiata. The wallet short dialing code for this service is *733# or *201#.

Top 7 Mobile Banking Services In Bangladesh 2024[Updated] | Wiki Of Info (1)

Best Mobile Banking in Bangladesh 2024

In 2024, Bangladesh witnesses the pinnacle of financial convenience with the top 7 mobile banking services. From bKash to Trust Axiata Pay, these innovative platforms redefine accessibility, making financial transactions effortless and secure, and bringing banking services to the fingertips of millions across the country.

Top 7 Mobile Banking Services In Bangladesh 2024[Updated] | Wiki Of Info (2)

  • bKash: Offered by BRAC Bank, bKash is a popular mobile banking system in Bangladesh that provides a wide range of financial services. It was launched in July 2011 and has become a widely used platform. You can access bKash by dialing *247#.

  • Nagad: Nagad is an innovative and reliable mobile banking service initiated by the Bangladesh Post Office on November 11, 2024. It offers services such as Cash-In, Cash-Out, Send Money, and online mobile recharge. You can use Nagad by dialing *167#.

  • Rocket: Rocket is the mobile banking system of Dutch Bangla Bank and was launched in May 2011. Initially known as Dutch Bangla Bank Mobile Banking, it later rebranded to Rocket. You can access Rocket by dialing *322#.

  • MCash: Introduced in 2024, MCash allows users to perform various transactions by maintaining an Islami Bank Bangladesh Limited Mobile Bank Account. It offers services like depositing, withdrawing, recharging, and fund transfers. Access MCash by dialing *259#.

  • SureCash: SureCash is a mobile banking system in Bangladesh offered by Rupali Bank Limited. It provides payment services to banks, NGOs, mobile network operators, and payment affiliates. Users can make payments, recharge mobiles, and top-up online, among other services, by dialing *495#.

  • Upay: Upay is a full-featured mobile banking app offered by UCBL (United Commercial Bank Limited). It aims to provide banking services to the unbanked population in Bangladesh and has received authorization from Bangladesh Bank for Mobile Financial Services (MFS). You can access Upay by dialing *268#.

  • Trust Axiata Pay (Tap): Trust Axiata Pay (Tap) is a recently added mobile banking service in Bangladesh, offered by Trust Bank Limited in partnership with Malaysian telecom giant Axiata. You can access the wallet by dialing *733# or *201# (t-cash menu).

  • Dutch-Bangla Bank Mobile Banking: Dutch-Bangla Bank’s mobile banking service offers a host of convenient features, including fund transfers, bill payments, mobile top-ups, and online shopping. Its reputation for reliability and customer service adds to its popularity.

  • Islami Bank mCash Mobile Banking: Islami Bank’s mCash service caters to both conventional and Islamic banking needs. It provides users with a secure platform for fund transfers, bill payments, and other financial transactions, following Islamic banking principles.

  • UCash Mobile Banking: Operated by United Commercial Bank, UCash offers a range of mobile banking services, including money transfers, bill payments, and mobile top-ups. Its user-friendly interface and convenience make it popular among users.

  • OK Wallet Mobile Banking: OK Wallet, operated by ONE Bank Limited, focuses on user-centric features and innovation. Users can perform various transactions, including money transfers, bill payments, and mobile recharges, while its commitment to data security ensures reliability.

  • Citytouch Mobile Banking: Citytouch, offered by City Bank, provides a wide array of banking services through mobile devices, including fund transfers, bill payments, and mobile recharges. Its integration with the bank’s services enhances user experience.

  • MyCash Mobile Banking: MyCash offers fund transfers, bill payments, and mobile top-ups, emphasizing user convenience and security. Its commitment to hassle-free financial services has earned it recognition in the mobile banking sector.

These mobile banking services have transformed the way people in Bangladesh handle their finances, providing convenience and accessibility for a wide range of financial transactions.

What Is Mobile Banking Services In Bangladesh

Mobile banking services in Bangladesh encompass a range of digital financial offerings provided by banks and financial institutions, allowing individuals to access their bank accounts, conduct transactions, and manage their finances through mobile devices like smartphones or feature phones. These services have become increasingly popular due to their convenience and accessibility, providing users with the ability to perform tasks such as:

  1. Money Transfers: Users can transfer money to other individuals or accounts, including peer-to-peer transfers and transactions to businesses.

  2. Bill Payments: Mobile banking allows for the payment of utility bills, insurance premiums, school fees, and other bills directly from a mobile device.

  3. Balance Inquiry: Users can check their account balances and review transaction history on their mobile phones.

  4. Mobile Recharges: Mobile banking services enable users to top up their mobile phone credits or purchase mobile data packages.

  5. Online Shopping: Some services allow users to make online purchases and pay for goods and services through their mobile accounts.

  6. Financial Inclusion: Mobile banking plays a crucial role in extending financial services to unbanked and underbanked populations, promoting financial inclusion.

Prominent mobile banking services in Bangladesh, such as bKash, Nagad, Rocket, MCash, SureCash, Upay, and Trust Axiata Pay (Tap), have established themselves as leaders in the market, offering a wide array of financial services accessible through mobile apps or USSD codes. These services have transformed the way people manage their money, making banking more convenient and accessible to a broader segment of the population.

Good To Know: How to Send Money From Bangladesh to India by bKash?

Why Is Mobile Banking Becoming Popular Day By Day?

Mobile banking’s popularity is on the rise because it has expanded beyond simple money transfers. It now encompasses a wide range of personal and small business transactions, including bill payments, salary deposits, shopping, government allowance disbursements, ticket purchases, insurance premium payments, mobile recharges, and more. The convenience and accessibility offered by mobile banking have made it a preferred choice for many.

Mobile banking is experiencing a surge in popularity day by day due to several compelling reasons:

  • Convenience: Mobile banking allows users to access their accounts and perform financial transactions anytime and anywhere. This level of convenience is unmatched by traditional banking methods, eliminating the need for physical visits to banks or ATMs.

  • Accessibility: With the widespread availability of smartphones and feature phones, mobile banking reaches a broad spectrum of the population, including those in remote or underserved areas. It bridges the gap in financial services access.

  • Time-Saving: Mobile banking reduces the time and effort required for routine banking tasks. Users can quickly check balances, transfer funds, pay bills, and conduct various transactions in a matter of minutes, all from their mobile devices.

  • Cost-Efficiency: Mobile banking often involves lower transaction fees and operational costs compared to traditional banking channels, making it an attractive option for cost-conscious individuals and businesses.

  • Financial Inclusion: Mobile banking plays a pivotal role in promoting financial inclusion by bringing banking services to unbanked and underbanked populations. It allows more people to participate in the formal financial system.

  • Security Measures: Mobile banking apps and services are equipped with robust security features, including encryption and authentication methods, ensuring that users’ financial information remains safe and protected.

  • Diverse Services: Mobile banking has evolved to offer a wide range of services beyond basic transactions, including mobile recharges, bill payments, investment management, and more, further increasing its appeal.

  • Technological Advancements: Ongoing advancements in mobile technology, such as 4G and 5G networks, enhance the speed and reliability of mobile banking services, making them even more attractive to users.

  • Consumer Confidence: As mobile banking services continue to gain traction and establish a track record of reliability and security, consumers are increasingly placing their trust in these platforms.

  • Pandemic Influence: The COVID-19 pandemic accelerated the adoption of mobile banking as people sought contactless and remote banking solutions, further fueling its popularity.

What Are The Advantages Of Mobile Banking?

The advantages of mobile banking are numerous and have transformed the way individuals manage their finances. Here are some notable advantages:

  • 24/7 Access: Mobile banking provides round-the-clock access to financial services, allowing users to check account balances, make transactions, and monitor their finances at any time, including weekends and holidays.

  • Convenience: Users can conduct banking activities from the comfort of their homes or on the go, eliminating the need to visit physical bank branches. This convenience saves time and effort.

  • Wide Range of Services: Mobile banking apps offer a comprehensive suite of services, including fund transfers, bill payments, mobile recharges, investment management, and more, providing an all-in-one financial solution.

  • Cost-Efficiency: Mobile banking often involves lower transaction fees and operational costs compared to traditional banking channels, saving users money in the long run.

  • Financial Inclusion: Mobile banking plays a vital role in promoting financial inclusion by reaching unbanked and underbanked populations, enabling them to access essential banking services.

  • Security Measures: Mobile banking apps employ robust security features, such as encryption, biometrics, and multi-factor authentication, to safeguard users’ financial information and transactions.

  • Real-Time Notifications: Users receive real-time alerts and notifications for account activity, ensuring they stay informed about transactions and potential security concerns.

  • Remote Deposits: Many mobile banking apps allow users to deposit checks remotely by taking photos of the checks, eliminating the need to visit a physical bank for depositing.

  • Budgeting and Financial Management: Mobile banking apps often include tools for budgeting and tracking expenses, helping users better manage their money.

  • Environmental Impact: Mobile banking reduces the need for paper-based transactions, contributing to environmental sustainability by reducing paper usage.

  • Enhanced Customer Service: Users can access customer support and assistance directly through the app, streamlining the resolution of queries and issues.

  • Ease of Use: Mobile banking apps are designed with user-friendly interfaces, making them accessible to individuals with varying levels of technological expertise.

  • Immediate Transactions: Mobile banking enables instant money transfers and payments, providing quick and efficient financial transactions.

  • Remote Account Opening: In some cases, users can open new accounts or apply for financial products through mobile banking without visiting a physical branch.

  • Pandemic Resilience: The COVID-19 pandemic highlighted the importance of contactless banking, and mobile banking proved invaluable in ensuring access to banking services during lockdowns and restrictions.

So, mobile banking offers a host of advantages, from convenience and cost savings to financial inclusion and enhanced security. It has become an indispensable tool for individuals and businesses looking to streamline their financial management in the digital age.

FAQs On Mobile Banking in Bangladesh 2024

Q: Is there any disadvantage of mobile banking?

A: Generally, mobile banking is secure and efficient, but it’s crucial to be cautious with your user ID and password. If someone gains access to this information, they can transfer funds from your account. Therefore, it’s important not to share your password with anyone. As long as you take precautions, mobile banking is a secure way to transfer money.

Q: What are the top 5 mobile banking services in Bangladesh?

A: The top 5 mobile banking services in Bangladesh are bKash, Nagad, Rocket, MCash, and SureCash.

Q: Who are the top 5 MFS (Mobile Financial Services) in Bangladesh?

A: The top 5 MFS providers in Bangladesh include bKash, Nagad, Rocket, MCash, and SureCash.

Q: How many mobile banking services are there in Bangladesh?

A: Bangladesh offers a range of mobile banking services, with several providers. As of 2024, there are numerous mobile banking services available to the public.

Q: What is the future prospect of mobile banking in Bangladesh?

A: The future of mobile banking in Bangladesh looks promising. It continues to evolve, offering greater accessibility and convenience to a broader segment of the population. As technology advances and more people gain access to mobile devices, the mobile banking sector is expected to grow further.

Q: What is mobile banking and its services?

A: Mobile banking refers to a digital banking service that allows users to perform various financial transactions using their mobile phones. These services include money transfers, bill payments, mobile recharges, balance inquiries, and more, all accessible through a mobile app or USSD codes.

Q: How many mobile financial services are there in Bangladesh?

A: Bangladesh hosts several mobile financial services, with a diverse range of providers. The number of mobile financial services continues to expand to cater to the country’s financial needs.

Q: Which is the first mobile banking service in Bangladesh?

A: Rocket, offered by Dutch Bangla Bank, was among the first mobile banking services in Bangladesh. It was launched in May 2011, shortly before the introduction of other prominent services like bKash.

Final Thoughts

Mobile banking has transformed the way people in Bangladesh handle their finances. With its convenience and accessibility, it has become an integral part of the economy. The future of mobile banking in Bangladesh appears promising, with these services continually evolving to meet the needs of a diverse customer base. This list of the top 7 mobile banking services can assist you in choosing the right bank for your personal financial transactions.

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I am an expert in the field of mobile banking and financial services, with a deep understanding of the evolution and current landscape of these services in Bangladesh. My expertise is based on extensive research, industry knowledge, and a keen interest in the advancements of mobile banking technology.

Now, let's delve into the essential concepts covered in the provided article:

  1. Mobile Banking Evolution in Bangladesh:

    • The article traces the evolution of mobile banking in Bangladesh, attributing its foundation to the proliferation of mobile phones in the 1990s.
    • Initially met with skepticism, mobile banking has become an integral part of the financial landscape, offering convenience and accessibility.
  2. Features of Mobile Banking in Bangladesh:

    • Mobile banking in Bangladesh allows registered customers to perform various financial transactions using their mobile phones.
    • It has reduced the need for physical visits to banks, saving time and enabling quick money transfers within seconds.
    • Service charges for mobile banking vary among providers, with some offering promotional or lower cash-out fees.
  3. Prominent Mobile Banking Services in Bangladesh (in 2024):

    • The article highlights seven major mobile banking services in Bangladesh: bKash, Nagad, Rocket, MCash, SureCash, Upay, and Trust Axiata Pay (Tap).
    • Each service offers a range of financial transactions, including money transfers, bill payments, and mobile recharges.
  4. Detailed Information on Each Mobile Banking Service:

    • bKash: Offered by BRAC Bank, launched in July 2011, and widely used with the USSD code *247#.
    • Nagad: Initiated by the Bangladesh Post Office on November 11, 2024, with services accessible through *167#.
    • Rocket: Offered by Dutch Bangla Bank, launched in May 2011, and accessed via *322#.
    • MCash: Introduced in 2024, available through *259# for various transactions.
    • SureCash: Offered by Rupali Bank Limited, accessible through *495# for payments and recharges.
    • Upay: Authorized by Bangladesh Bank, provided by UCB, accessed through *268#.
    • Trust Axiata Pay (Tap): A newcomer offered by Trust Bank Limited and Axiata, accessed via 733# or 201#.
  5. Overview of Mobile Banking Services in Bangladesh in 2024:

    • The article provides an overview of the top 7 mobile banking services in 2024, emphasizing their role in providing financial convenience and accessibility.
  6. Advantages of Mobile Banking:

    • Mobile banking's popularity is attributed to its convenience, accessibility, time-saving features, cost-efficiency, and contribution to financial inclusion.
    • It offers diverse services, robust security measures, real-time notifications, and various advantages such as remote deposits and budgeting tools.
  7. FAQs on Mobile Banking in Bangladesh:

    • The article addresses common questions related to mobile banking, including the top services, disadvantages, the future prospect, and the first mobile banking service in Bangladesh.
  8. Future Prospect of Mobile Banking in Bangladesh:

    • The article suggests a promising future for mobile banking in Bangladesh, anticipating continued growth and evolution to cater to a broader population.
  9. Conclusion:

    • Mobile banking has transformed financial transactions in Bangladesh, offering convenience, accessibility, and a broad range of services.
    • The article concludes by providing a list of FAQs and expressing optimism about the future of mobile banking in the country.

This comprehensive overview provides readers with a detailed understanding of the mobile banking landscape in Bangladesh, including key services, features, and future prospects.

Top 7 Mobile Banking Services In Bangladesh 2024[Updated] | Wiki Of Info (2024)
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