Bank Anytime, Anywhere: A Comprehensive List of the Top Mobile Banking Services in Bangladesh

By Ana Maria | Updated on

Financial services would be available without going to the bank was not even discussed 10 years ago. Nobody could have guessed when mobile phones first became popular in the country in the 1990s that they might one day become a major medium for numerous financial transactions.

When mobile financial services (MFS) or mobile banking were first launched a decade ago, the service's acceptability was also questioned. But a decade later, services like bKash, Rocket, and Nagad have already been an integral part of our financial transactions.

In Bangladesh, there are several mobile banking services offered by some renowned banks. This article is going to introduce you to some of the most popular mobile banking services in Bangladesh.

With the emergence of the internet, mobile banking has come with a revolutionary change in transferring money. Here, registered customers can transfer money anywhere just with a few clicks.

The customers of a mobile banking service get access to their accounts by themselves with a mobile phone. They can do everything on the internet instead of standing in a big line in front of a bank. Apart from this, it saves our time and lets us transfer money within a few seconds.

Mobile bankinhg cash out charge depend on the respective company policy. Some company provides free for promotional purposes or lower cash out charge. Check the current cash out and cash in charge online before using.

Mobile Banking in Bangladesh

Here is a list of popular mobile banking services in Bangladesh:

01. bKash

bKash mobile banking system is offered by BRAC Bank, a renowned bank in Bangladesh. It was launched in July 2011. Though this service was launched after Rocket (another renowned mobile banking system), bKash has reached the apex of popularity in Bangladesh. The dialing USSD code of bKash is *247#.

02. Nagad

Nagad is an innovative and reliable mobile banking service. On November 11, 2018, the Bangladesh Post Office started this service. Nagad began its journey with high-demand services such as Cash-In, Cash-Out, Send Money, and online mobile recharge. Nagad has had a mobile app for customers and partners since the beginning. The dialing code of this mobile banking service is *167#.

03. Rocket

Rocket is the mobile banking system of Dutch Bangla Bank. This service was launched in May, 2011, two months before the emergence of bKash. From the very beginning, the name was not Rocket. Initially, it was named Dutch Bangla Bank Mobile Banking. Then, the name was changed to Rocket. The dialing code of this mobile banking service is *322#.

04. MCash

MCash is a means of carrying out transactions by keeping an Islami Bank Bangladesh Limited Mobile Bank Account, which you can use to deposit, withdraw, recharge, or top-up online, transfer funds, purchase commodities/services, and so on. This service was launched in 2019. The dialing code of this service is *259#.

05. SureCash

SureCash is a mobile banking system in Bangladesh offered by Rupali Bank Limited, offering payment services to banks, NGOs, mobile network operators, and payment affiliates such as utility merchants/retailers, companies, employers, insurance companies, online mobile recharge, or mobile top-up, and government departments. The dialing code of this service is *495#.

06. Upay

Upay is a full-featured mobile banking app offered by UCBL. Bangladesh Bank granted UCB authorization to operate and provide Mobile Financial Services (MFS). UCB is a firm believer in "financial inclusion," or the idea that banking services should be available to everyone.

Upay has begun its services in Bangladesh, with the goal of providing banking services to the country's huge majority of unbanked citizens. The dialing code of this service is *268#.

07. Trust Axiata Pay (Tap)

At present, mobile banking companies have been working in Bangladesh to provide a variety of services and incentives. Tap (formerly known as T-Cash) Mobile Banking is one of them, and it has been added recently.

Trust Axiata Pay (Tap) mobile banking services offered by Trust Bank Limited and Malaysian telecom giant Axiata. It is supposed to be a popular mobile banking company in Bangladesh very soon. Wallet short dialing code is *733# or *201# (t-cash menu)

Final Words

Mobile banking is nowadays popular among people across the world. The scenario is not different in Bangladesh. It has been playing a great role in our economy. It is assumed that the mobile banking service has a brighter future as well. This article has listed the most popular mobile banking services. It might help you choose a particular bank for personal financial transactions.

Frequently Asked Questions (FAQ)

+ Why is mobile banking becoming popular day by day?

Mobile banking is becoming popular day by day because it is no longer merely a way to send money. It's widely used in a variety of small business and personal transactions. Service bill payment, school wage, shopping, government allowance, ticket purchase, insurance premium payment, mobile recharge, etc. are just a few examples.

According to the central bank's instructions, BDT 30,000 can be deposited five times a day in mobile banking. A maximum of 2 lakh Taka can be withdrawn 25 times per month. And 25 thousand Taka can be withdrawn and sent from one person to another in a single day. Customers can now open an MFS account from the comfort of their own homes. Money can also be transferred directly from a bank account. As a result, everyone now has access to a mobile banking account.

+ What are the advantages of mobile banking?

The advantages of mobile banking are many in number. Here are some of the notable advantages mentioned below:
✔ You can access financial services 24 hours a day, 7 days a week, from your home or from anyplace using your mobile device.
✔ Almost all banks now provide users with the option of using mobile banking. So, you can enable these services by installing the bank's official mobile banking app.
✔ You can apply for banking facilities straight from your home using mobile banking, for instance, home loans, personal loans, fixed deposits, and so on.

+ Is there any disadvantage of mobile banking?

As far as I know, there is no disadvantage of mobile banking except the transactional limits. Besides, it is secure enough to transfer money blindly. But if someone has access to your user ID and password, they can move funds to their own account. As a result, don't reveal the password to anyone. However, mobile banking is secure if you do not make mistakes by yourself.