State-run Rupali Bank has discontinued its mobile financial service (MFS) SureCash and will launch a new platform, RupaliCash, on Tuesday using its own technology.

The bank officially shut down SureCash on 19 September, following long-running operational challenges with its former technology partner, Progoti Systems Ltd. Progoti had changed its service model in response to the Covid-19 pandemic and later handed over SureCash’s data centre and systems to Rupali Bank.

RupaliCash will offer upgraded features, including e-KYC-based account opening, cash deposits and withdrawals, wallet-to-wallet transfers, salary disbursements, mobile recharges, and merchant payments. Customers will also be able to transfer funds directly from Rupali Bank accounts to RupaliCash wallets without any charge.

“Mobile banking saves both time and cost. Keeping customer needs in mind, RupaliCash has been designed with various features,” said Kazi Md Wahidul Islam, managing director of Rupali Bank PLC.

He added that future services will include savings, microcredit, remittances, e-commerce, credit card payments, and ATM cash-outs.

Rupali Bank first introduced MFS in 2016 under the name Rupali Bank SureCash. It remains the only state-owned bank to operate such a service.

Bangladesh currently has 13 MFS providers, with bKash, Nagad, and Rocket being the dominant ones. As of July, central bank data showed 145.8 million accounts with transactions totalling Tk 1485.66 billion.