Bangladesh is set to launch its first domestic card scheme, "Taka Pay", tomorrow aiming to reduce reliance on international card schemes such as Visa and Mastercard and save foreign currencies.

Visa and Mastercard are payment networks that allow for the electronic transfer of funds between banks or other financial institutions and companies.

They provide branded payment processing services for credit cards, debit cards, and prepaid cards that banks or financial institutions can then offer to their customers.

Taka Pay will preliminarily provide the same service nationally through the use of National Payment Switch Bangladesh, an electronic payment platform run by Bangladesh Bank.

It can be used abroad once foreign banks and institutions partner with the platform.

Prime Minister Sheikh Hasina is scheduled to inaugurate the card at Gono Bhaban in the morning.

Bangladesh Bank Governor Abdur Rouf Talukder, Brac Bank Managing Director Selim RF Hossain, City Bank Managing Director Mashrur Arefin and a few bankers are likely to be present.

State-run Sonali Bank and private commercial Brac Bank are ready to issue the Taka Pay card, said a senior central bank official.

Other banks will soon follow suit, he said.

The card will preliminarily be rolled out for domestic use and later its use will be expanded to India, as per the BB official.

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BB gets down to rolling out Taka Pay card

Bankers said this would be an independent and sovereign card, which was very essential in the current geopolitical situation.

Two committees of the central bank worked to introduce the "Taka Pay" card after Bangladesh Bank Governor Abdur Rouf Talukder hinted about the initiative for the first time on June 18.

The committees comprise representatives from eight local banks – Brac Bank, United Commercial Bank, City Bank, Sonali Bank, Eastern Bank, Islami Bank, Dutch-Bangla Bank and Mutual Trust Bank – that have a major share in the card business in the country.

Primarily, those banks will issue Taka Pay on a pilot basis.

Paris-based consultancy Fime developed the card.

Other countries to have launched their own national cards include India (RuPay), Pakistan (PakPay), Sri Lanka (LankaPay) and Saudi Arabia (Mada).