Well functioning payment system means safe and secure Internet shopping experiences. Therefore, it is mandatory to know existing payment system in the country and push improvements if needed to boost the financial growth of the country. Let’s know the payment system in Bangladesh and find out how it adds value in the life of an average Bangladeshi.
Recent financial surveys, financial reports for government plus non-government agencies, and suggestions from e-commerce experts are indicating that payment system is a vital element for e-commerce conversions for the targeted audience residing anywhere across the globe.
Payment Method: Success Key of Conversion
If you want to catch the target audience in a region or country, you need to respect the online payment preferences of the online shoppers who are residing in that particular region or culture. At the psychological point of view, the audience of particular region or culture generally put trust on selected payment methods.
For instance, Japanese people are cash-oriented and prefer Konbini payment system where cash is collected at convenience stores located in nearby areas. In China, Alipay is enjoying the same status as PayPal in American region and UnionPay as Chinese credit card gradually picking up speed. In the case of Brazilian audience, your e-commerce store should have Boleto Bancario payment method integrated.
Prevailing Payment Methods in Bangladesh
The same is true for Bangladeshis because they highly rely on the Payza Bangladesh like payment gateway services against PayPal and other similar international players. The true reasons behind such popularity are new online payment system call SimplySend and e-wallet.
Legally the payment system in Bangladesh is under Payment System Department (PSD) of Bangladesh since 2012 and it has given a green signal for the formation of National Payment Switch Bangladesh (NPSB) platform by involving the majority of banks operated in Bangladesh.
This has facilitated banks to issue or allow various credit/debit card payments using multiple routes including ATM for cash and online payment through cards with the least service charges against the hefty charges of international credit cards. Moreover, this platform has eased the online payment by omitting merchant payment gateways in between the process.
The next big thing Payza has gifted to the Internet shoppers and other electronic currency or payment method users is e-wallet. E-wallet is working based on Near Field Communication (NFC) technology. It allows innovative modes of payment in many unique use-cases. This way Payza has offered the most suitable and economical payment system for Bangladeshis by respecting their culture and laws of lands beautifully.
In Early Days
In earlier days, internet shopping in Bangladesh was mostly thriving on simple ads and Facebook like social media platforms where no secure and safe payment methods were available on the web. The tendency of Bangladeshis was pay-on-delivery or other traditional methods of payment due to a underprivileged society where trust factor was a sensitive issue. Gradually, Payza Bangladesh has made payment safe, secure, rapid, and cheaper against other available payment systems in the Bangladesh.