The services have received lukewarm responses from the targeted customers because they were launched hastily and lack user-friendly features and campaigns were not run to make them popular. Besides, there is no incentive and banks are unwilling, industry insiders said.

Cashless in Dhaka: Navigating pre-Eid expenses with a tap

CBDCs are a form of digital currency regulated by a country's central bank. They are similar to cryptocurrencies, but their value is fixed by the central bank.

Mohammad Arif Hossain, CEO of payment service provider Dmoney, said if the government gives merchants a 1 percent incentive and customers a 2 percent cashback, it could yield big results.

Sales continue to surge for lifestyle products, home appliances, electronics, and groceries in anticipation of Eid-ul-Fitr, the biggest religious festival and the pinnacle of business activity in Bangladesh.

An occasion like Eid holds particular significance for women, who often experience happiness from shopping, reveling in intricate accessories, luxurious cosmetics, elegant attire, and the perfect pair of shoes to complete their Eid ensemble.

Plastic money is not a new concept in Bangladesh but debit and credit card penetration in the country has been creeping along over the years due to a lack of awareness of their benefits coupled with a deep-seated fear of falling into a perceived debt trap.

Bangladesh has embarked on an unprecedented journey towards building a cashless society, marked by a significant increase in card and cardless transactions, mobile banking, and digital payment systems such as QR Payment.

In the hustle and bustle of my life as a university student juggling academics with a part-time job, one ordinary day took an unexpected turn.