00:00What if you had to stop using your wallet to pay?
00:04Bangladesh reportedly wants to go cashless. Here's how.
00:08A system called BanglaQR lets customers use a single QR code to pay at any participating shop.
00:15You won't need different apps anymore.
00:17The system is now mandatory for financial providers nationwide,
00:20which means faster payments and less cash to carry around.
00:25The central bank hopes that BanglaQR will bring more businesses into the formal economy,
00:30generating more tax income for the government.
00:33Digital payments can also reduce risks like theft and loss of cash or counterfeit notes.
00:38But there's also criticism as merchants have to pay a fee on the payments.
00:43Also, cybercriminals can create fake QR codes that redirect users to scam websites to steal sensitive information.
00:51Bangladesh isn't the first country to push digital payments.
00:54India's UPI system, for example, helped turn QR code payments into an everyday habit,
01:00processing billions of dollars in transactions every month.
01:04Now, Bangladesh is hoping BanglaQR can do something similar.
01:07Would you ditch cash?
01:09It's coming back now.
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