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.

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.

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.

The country has to count more than Tk 9,000 crore a year because of its heavy dependence on cash, necessity to move towards a cashless society. The maintenance cost of the printed money is nearly 0.50 percent of the country’s GDP, Central bank report styled ‘Reducing the Cash Transaction’.