Dhaka, Nov 1 (IANS): Bangladesh on Wednesday launched a local currency card, Taka Pay, the first of its kind in the country, as part of its efforts to build a cashless society.

Prime Minister Sheikh Hasina on Wednesday inaugurated Taka Pay from her official residence Ganabhaban in capital Dhaka, reports Xinhua news agency.

The card will be issued by the state-owned Sonali Bank and the privately-owned City Bank and Brac Bank in collaboration with the central bank of Bangladesh.

Speaking at the inauguration ceremony, Hasina said this card will be a groundbreaking step for building a cashless society in Bangladesh.

She said as an independent and sovereign country, Bangladesh's financial system has to be independent and sovereign to reduce dependency on others.

"We must not be dependent on any single hard currency," she said.

The Prime Minister also stressed the need for data security for every holder of the newly introduced debit card.