Bangladesh Bank Training Academy Journal

Abstract

The main objective of this study is to analyze the case for building a proposed IIPS (Instant and Inclusive Payment System) in Bangladesh. Hence, a diagnostic review of existing payment systems was done also to assess whether their performance was enough to meet the current and future demands of the economy; or whether implementing the proposed IIPS is required for balancing the progress of the economic development throughout the country. The data have been collected from both primary sources i.e. personal interviews and secondary sources. The experience of India, Thailand and the UK is used to justify the need for building an IIPS in the context of Bangladesh. This study highlights some concerns about the services, costs, and interoperability levels among existing DFS providers. I also consider the regulation and operation issues for making the financial inclusion meaningful. Finally, by taking cognizance of the features and recommendations mentioned below for establishing an IIPS in Bangladesh, I am humbly requesting the Government and Bangladesh Bank to consider the issue of building an IIPS as a part of implementing the SDGs by 2030.