E-commerce: BB to hold money until customers get product 

The government has announced today that Bangladesh Bank will be holding the advanced payments made for e-commerce products until they are delivered to customers. 

Bangladesh Bank will serve as the payment gateway between sellers and buyers of e-commerce platforms in the country.  

"Advanced payment made to the e-commerce merchants will be kept in Bangladesh Bank. It will be provided to the merchants or platforms only after the customers receive their products," said Additional Commerce Secretary Hafizur Rahman following a meeting on the country's e-commerce platforms. 

e-CAB President Shomi Kaiser and general secretary Abdul Wahed Tamal was present at the meeting. 

Titled "Digital Commerce Direction", the meeting was presided by Commerce Secretary Tapan Kanti Ghosh with representatives from NBR, ICT division, BTRC and other stakeholders.

The move comes on the heels of the release of an inspection report by the central bank on June 20.

The report showed that e-commerce site Evaly's liabilities to customers and merchants had risen to Tk403.80 crore, while its current assets were worth only Tk65.17 crore.

It said that till 14 March this year, Evaly did not deliver products against a cumulative sum of Tk213.94 crore in advance payments from customers. Moreover, the company owed Tk189.85 crore to the merchants from whom it bought products.

The damning report spurred a number of banks to suspend online transactions of its card holders with 10 e-commerce sites: Evaly, Alesha Mart, Dhamaka, E-orange, Sirajganj Shop, Aladiner Prodip, Qcoom, Boom Boom, Adyen Mart and Needs. 

A few banks also warned its clients against using cards for online transactions, cautioning them against possible fraud. 

Brac Bank Ltd was the first to instruct its customers not to use their cards for purchasing goods from these 10 online merchants. It was followed by Bank Asia. 

Today, Dhaka Bank Ltd suspended the use of their cards for transactions with the 10 e-commerce sites.

City Bank authorities earlier on Tuesday too issued a notice saying the bank will not be held responsible for any fraud stemming from using their American Express (Amex) card for online shopping.