March 28, 2024, 11:34 pm


Nirmal Barman

Published:
2018-03-20 23:06:27 BdST

Cashless payment system soon in Bangladesh


FT ONLINE

The conuntry is moving one step closer to being a cashless society after the central bank gave the go-ahead to a company to facilitate payments between parties through online fund transfers.

Called the iPay, the fintech startup's system will function like Paypal, which operates a worldwide online payments system, and Paytm in India.

To avail the services of iPay, one will have to open a eWallet that would be linked with one's bank account. The eWallet can be loaded by transferring funds from the bank account.

Once loaded, the customer can transfer funds to another with an eWallet, make payments for purchases, pay utility bills, taxes, tuition fees and transport fares -- without touching any cash.

The system will be rolled out on Wednesday.

The company has already inked agreements with the country's 57 commercial banks to integrate their accounts with eWallet, said Zakaria Swapan, chief executive officer of iPay.

Transactions through the digital payment system will be settled on a real-time basis, he said. “This will ultimately help build a cashless society.”

An individual would be allowed to transact a maximum of Tk 50,000 a day through the system. The monthly ceiling for withdrawal and deposits is Tk 2 lakh.

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