Call to give tax incentives to plastic card users

Posted by BankInfo on Mon, Jul 24 2017 10:12 am

The volume of plastic money transactions has not yet reached satisfactory level despite a rise over the years, speakers said at a programme on Sunday.

They also suggested providing tax incentives for plastic card users to help boost digital payments and ensure a cashless economy in the country.

According to them, along with other initiatives, tax incentives by the government can attract a good number of people to transact through digital means.

They made the observations at an award-giving ceremony titled 'Mastercard Announces Winners for 'Experience Paris with Mastercard Campaign' held at a city hotel.

Mastercard gave award to 30 Mastercard-Branded Credit, Debit or Prepaid Cardholders on the basis of points for retail or online transactions of Tk 1,000 or above during the campaign period between May 15 and June 30.

AKM Fazlul Haque got the grand prize of an all-expenses paid couple trip to Paris.

Executive Director of the Bangladesh Bank Subhankar Saha attended the programme as the chief guest.

The programme was also attended, among others, by country manager of Mastercard Bangladesh Syed Mohammad Kamal, managing director of Prime Bank Limited Ahmed Kamal Khan Chowdhury and deputy managing directors of different banks.

Speaking on the occasion, Mr Subhankar Saha said Bangladesh Bank has long been trying to ensure less use of cash.

He said there are a good number of cardholders in the country. Now there are 9.0 million debit cardholders and 1 million credit cardholders here.

"We see that though online transaction is increasing in the country, its rate is not satisfactory," he said.

He said in India, electronic payments have increased around fivefold after demonetisation of its large notes.

"It can be thought here to increase digital payments," he added.

Mr Kamal Khan said the government should give incentives on electronic payments to increase its rate in the country.

"The Indian government provides incentives on electronic payments and we hope our government will also take such initiative today or tomorrow," he added.

Mr Syed Kamal said the main objective of the campaign was to promote electronic payments in the country.

News:Financial Express/24-jul-2017
Posted in Banking, News