Influence of electronic payment system over the Internet shopping in Bangladesh is profound and need revisits of policies as well as strategies employed. Therefore, some live debate on this is must and discussion on the pros and cons of e-payment system may bring fruitful solutions with the pace of time.
In traditional banking system, we had everything on paper so we used to rely heavily on the human resources to accomplish tasks of entries, clearing, deposits, document transfer, etc. on time and with accuracy. Fortunately, digitalization and use of Internet as well as intranet network had changed that dismal scenario rapidly in the western developed countries before decades.
Towards Digital Bangladesh
However, in Bangladesh like backward economy, these all and sudden changes were not possible so Bangladeshis have to wait for long to enjoy such advance privileges in comparison to their western counterparts. Fortunately, government of Bangladesh has initiated many vital moves in this direction and given an agenda to make economy and other sectors digital through “Digital Bangladesh” slogan.
Many forward thinkers and people with futuristic visions including entrepreneurs residing within country or in foreign lands have created highly conductive environment and made useful efforts to boost the process of digitalization through invading Internet and telecommunication network or facilities in early days. Later on mobiles became buzzword and sudden proliferation of mobile users taken place.
Along with other infrastructural facilities in the country, financial system also had taken many vital initiations. Among them banking sector and payment gateways were leaders to revolutionize the scenario of e-commerce by-and-large. Today, majority of money transactions are taking place through electronic cards or Internet across the country. Therefore, it is vital to understand the electronic payment system in Bangladesh before doing any business in the country or investing money.
Challenges on the Road
Yes, things are not always gloomy, as they seem because there are multiple challenges on the road of progress, which people of Bangladesh and other stakeholders of economy have to face, such as:
- Increased rate of cyber crime in this social and educational backward country
- Money laundering like activities due to strict money regulations and rules of land
- Perception of people are not always positive due to backwardness and lack of awareness
- Initial high cost for access because e-card payment as well as Internet payment systems need investment in infrastructure for government as well as financial system and in hardware for end-users.
- Confidence and security of transaction is big issue due to increasing threats from the hackers as well as malicious elements in Internet shopping payment as well as thieves for e-card payments
- Lack of knowledge and skills is a big problem in Bangladesh in using e-payment system where illiterate population is bigger in mid-age and elder people population categories
- Attitude to a new product vary in this small country where new generation is ready to adopt new things easily while older one is still grapples
- To minimize the cash based transaction is a big goal because the lower strata of society occupies a big portion and threats of thieves, robbers, and other non-social elements are bigger in comparison to its neighboring countries like India. Therefore, spreading e-payment tempo in rural areas of Bangladesh is positive move.
Solutions and Implementations
No doubt, government and banks have taken numerous steps to beat the aforementioned challenges, but initiative by Payza Bangladesh has enhanced advancement procedure of e-payment system noteworthy for Internet shoppers and others. Through various schemes like SimplySendBD and Payza e-wallet, this payment gateway providing group has revolutionized the entire scenario of Internet shopping experiences.
Moreover, Payza has boosted the morals of e-commerce providers in Bangladesh and for Bangladesh at admirable levels. The most important thing Payza has done is that it has given highly cheaper yet quality alternative for e-transactions and e-payment to an underprivileged country like Bangladesh.