What Is Payza Bangladesh and How Does It Work?

Online shopping can only flourish in the presence of solid supporting frameworks and adaptability of the people. In Bangladesh, infrastructure development for e-commerce had slow pace in the past, but recent moves by the government and awareness of people have made rapid changes. New generation entrepreneurs have fueled the changes by introducing various e-payment mechanisms with desired security and robust experiences. Let’s go through the past and recent developments.

Today the reach of Internet seems rapid due to proliferated use of handheld and wearable devices. Smartphones and tablets have made Internet ubiquitous and accessible round the clock from anywhere. Therefore, various commercial activities taking place on the handheld devices and the most beneficial segment is e-commerce.

Unfortunately, the fruits of these tech advancements are not dispersed equally in the rest of the world. Bangladesh is one of the countries, which lagged behind in the tech race, due to its adverse political and social situations. Telecommunication and Internet technologies are backbones of e-commerce development in any country and Bangladesh have slow pace of development in this regard. Therefore, Internet access is uneven and limited to specific regions as well as up to specific segments of society.

Payza-Logo

Deficiencies of Infrastructure

There are visible deficiencies of infrastructural support framework in forms of :

  • Poor electricity network resulting in poor supply
  • Low affordability of online shopping components such as Internet affordability, computing devices’ affordability, and handheld devices affordability have restricted its reach up to affluent class of the society
  • Low literacy level also affecting the usage of Internet and acceptability of online shopping in Bangladesh

Online Purchase Framework

It is true that the proliferation of online shopping and online money transaction activities greatly depending on the online purchase framework and the ultimate components of this framework are:

  • Purchase Intentions
  • Purchase Adaptation
  • Purchase Continuance

These purchase related factors have direct relationships with the behavior and several characteristics such as:

  • Consumer Characteristics: Their lifestyle, motivation, knowledge, innovativeness, involvement, demographics, etc.
  • Product/ Service Characteristics: The product knowledge, product type, layout, frequency of purchase, tangibility, differentiation, price etc.
  • Medium Characteristics: web design, navigation, ease of use, interface usefulness, reliability, security, etc.
  • Merchant and Intermediary Characteristics: Service quality, privacy and security control, brand reputation, delivery /logistics, after sale service, incentive, etc.
  • Environmental Influences: The culture, subjective norm, exposure, attention, image, etc.

If you closely look at these characteristics, you will find that many of them are at backward conditions or lacking at all and its reasons are obvious:

  • Poor national level public key infrastructure
  • Distrust regarding secure e-transactions whether in local or international currencies
  • Social and technical challenges
  • Lack of legal framework to support

Payment Methods

Recent Progress in Bangladesh
Fortunately, in recent past, government and many entrepreneurs within Bangladesh or from foreign countries who have taken deeper interest in the development of online shopping framework in Bangladesh, By being Bangladeshi (citizens/origins) these entrepreneurs have brought some progressive changes by influencing government policies, investing in e-commerce and allied sectors, and changing the mindset of people by-and-large.

For instance, medium characteristics and merchant or intermediary characteristics as mentioned above are contextual and you can see some through changes. Today software developer community of Bangladesh is competing with its neighboring rivals like India and Pakistan at outsourcing fronts. Thus, they are indirectly improving the quality of above-mentioned components of supporting framework for e-commerce development. Same way trusted payment gateway providers are helping not only national level e-transactions, but also improving the user experiences of Foreign exchanges coming from various sources.

If political stability persists and the tendency of people improving regarding online shopping in Bangladesh, days are not far away that shine the overall economy of Bangladesh and lifestyle of the people.

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Payza Bangladesh! The Best Payment Gateway Solutions For E-Commerce!

When web developers create e-commerce for Bangladesh, selection of payment gateway is always challenging due to the unique scenario of e-commerce in Bangladesh. Recent moves of Payza Bangladesh have offered it an edge over other rivals even at the local level for various modes of payment.

Generally, e-commerce web developers and e-commerce mobile app developers either are integrating payment gateways with what their competitors in that e-commerce niche have done or simply ask the client if it is a B2B project. Very few e-commerce developers have the inclination to go through the extensive search process and find out the actual needs of targeted audience.

Payment Methods

We have general perception regarding payment gateway functions such as:
•  Accept payment rapidly
•  Accept payment easily
•  Accept payment securely
•  Build trust carefully

These are common expectations from any standard payment gateways solution for any quality e-commerce storefront. However, deviations and additions are taking place when regional, cultural, social, and economic factors involve in the decision of payment gateways integration of the eCommerce stores.

For instance, PayPal is considered as number one global payment gateway solution across the globe, but its higher fees, over sensitivity for extra sale or loads, and excessive paperwork in many instances are hindering factors for many regions of the world, particularly developing and locally protective policies implementing countries.

No doubt, Bangladesh is one of them and has unique, but valid expectations from any payment gateway operation for its citizens and within the legal territory of the country. If we check features and functionality of a payment gateway suitable for Bangladeshi online shoppers or e-transactions, we can realize these facts obviously.

Unique Needs of Payment Gateways for Bangladesh

Payment-Gateway

Affordable Fees:
As we know, the Bangladeshi currency Taka is very weak against the dollar in the international market and compared to neighboring countries like India. Thus, if any payment gateway counts its sign up, transaction, and other fees in dollar or Pound like strong currencies, it proves non-viable and non-feasible for such poor country or its citizens.

It is good if sign up fees incurred for a large volume of transaction seekers and same for transaction fees when a large volume of transactions taking place by big business houses or international players working from foreign countries. Thus, affordability is a prime issue for lower to mid level of users in Bangladesh when the selection of payment gateway is in question. Fortunately, Payza Bangladesh is the cheapest payment gateways valid and available in Bangladesh without compromising the quality of services despite such competitive fee structure.

Ease and Convenience:
Payza is highly customized payment gateway solution for Bangladesh because it supports numerous currencies around the world and has presence in more than 190 countries of the world where possibilities of Bangladesh based business transactions or presence of NRB from Bangladesh are high.

The algorithm, user interface, and user experiences crafted on Payza Bangladesh is the most befitting solution for the Bangladeshis. In fact, Payza had run thorough research of Bangladeshi culture, behavior, and preferences prior to developed and unveiled Payza solutions so it can address exact needs of Bangladeshi online shoppers and other Internet communities.

payment-gateway

Moreover, Payza Bangladesh has collaborated with leading banks of Bangladesh to execute OPGSP payment and BEFTN like services to meet local needs of online shopping community as well as locals to topple or withdraw money easily and in comprehensive ways. Therefore, Payza allows credit and debit cards, mobile, on service desk of banks and other multiple methods for its users to accomplish their tasks or needs easily, securely, and rapidly.

 

Trustworthy:
Payza obeys local rules of the country and supports the law and its requirement by providing essential info to the government bodies on valid reasons or hiding the sensitive info of its users to protect their privacy. Thus, it has won hearts of all Bangladeshi folk within a short span.

Easy Ways To Facilitate Online Shopping In Bangladesh By Joining NPS Leads

With formation of National Payment Switch (NPS) before a year or two, banks and Payza Bangladesh have taken right steps towards the payment gateway solutions for export and outsourcing industries of Bangladesh.

Moreover, Payza Bangladesh has served online businesses looking for bespoken payment solutions in the Bangladeshi environment in beautiful and cost-effective ways.

Before a year or two, banks in Bangladesh had unveiled National Payment Switch (NPS) platform in order to bring debit and credit card payments in mainstream and merge other payment options in a single route. Thus, Bangladeshi users can topple their bank accounts, M-Commerce accounts, etc. through multiple ways.

ecommerce

Similarly, citizens in Bangladesh can withdraw same money using their debit or credit cards in ATM or can pay money online against the option of Internet transfer or say e-transfer for online shopping payment in Bangladesh as well as anywhere across the world with valid permissions/accounts.

Ultimate Benefits
Under NPS network, transaction cost would be negligible against the charges incurred by Visa, Amex, or Master card networks. This is the most wanted demand of relatively poor Bangladeshis since long. For them NPS are a blessing where they are secure, law abided, yet the cheapest at transaction fees, incurred by national and international rival services.

In the beginning only three banks, Dutch-Bangla, Pubali and Southeast Bank, were participated. However, as soon as Payza Bangladesh has declared its role in this network, other banks rushed and joined network to expand the reach. The ultimate benefits of NPS to government are easy access of funds, increase in tax revenue through transparency, and increased money flow in Bangladeshi economy.

Role of Payza Bangladesh

Payza Bangladesh

Payza is loaded with outstanding ‘payment gateway solution’ tools such as

  •  Currency exchange
  •  Fraud screening
  •  Dispute resolutions
  •  Global payouts
  •  Disbursements
  •  E-wallet
  •  Virtual terminal
  •  Recurring billing
  •  eCheck processing

At one hand, toppling the money through physical ways is quite easy, as you need to open online account and deposit money through bank desks in your nearby valid banks. You will have instant access of money without passing through daunting bank account opening procedure even in any unknown territory of Bangladesh.

At other hand, you can use these deposited money for any purpose of payment using M-Commerce, e-commerce, or S-commerce routes. In the same way, you can receive payment in foreign currency from foreign countries with the least charges offered by open market and in quick as well as secure ways.

send-receiveTherefore, such excellent services of Payza Bangladesh have added fuel in the growth of outsourcing industry flourishing in Bangladesh and export house exploring unknown regions and market across the world.

Moreover, Payza has collaborated with the most of the leading banks of Bangladesh like Bank Asia to execute OPGSP payment and used Bangladesh Electronic Funds Transfer Network (BEFTN) facilities organized by the Bangladesh Bank- sectors in order to ease the lives of numerous freelancers and IT outsourcing companies to work with any client coming from any country of the world. As Payza has made possible to accept payments in any currency, as it offers the wide range of currency support and has presence in more than 190 countries of the planet Earth.

Simple Guidance to Make Online Shopping Safe & Secure in Bangladesh

Online shopping is worth your time and money when they are in question. Today Bangladeshi lifestyle is changing rapidly and Bangladeshis are the stimulating lifestyle of developed countries of the world. Therefore, online shopping in Bangladesh is getting momentum gradually. However, it is not par and safe as in western countries. Here are some tips to do it safe and securely.

Today society in Bangladesh, by-and-large, is passing through a transition phase from underdeveloped to a developing and may be as developed at any point of time in near future. The government is functioning in democratic ways and uplifting the life of people in the country through various measures. Education rate is picking new peaks and people are living busy lifestyle as their western counterparts are doing.

 

The proliferation of mobiles and penetration of Internet are factors pushing e-commerce at new levels. Online shopping in Bangladesh is gradually becoming a trend, as almost everything is available and within reach of fingertips or just a click on the web. We can list numerous benefits of online shopping viz. time-saving, fuel saving, opportunity to do comparative shopping, and much more in different contexts.

Unfortunately, each coin has two facets so online shopping has some dark shadows looming on Bangladeshi shoppers too. Let’s check some of them in brief here.

Heavy is Suspicious

When you find that any e-commerce store or ads on the web, whether it is on social media or elsewhere, is luring you through offering unbelievably high discounts or incentives, look at them with suspicious eyes. Remember that reputed brands never sell their products at the cheapest rates or offer heavy discounts that make your head wobble.

Usually, brands are passing their savings on brick store investment and other overheads in measurable percentages, never at half or one-third rates. Unfortunately, scammers in Bangladesh are enough and know how to trap new generation shoppers by victimizing them based on their immaturity and freedom offered by illiterate or less educated parents.

This is the best way to save you from possible cheating or frauds. Smart online shoppers are directly logging in to the original website or mobile app of the brands, instead of going via other routes. Thus, my next suggestion is secure your log-in credentials.

eCommerce

Secure Surfing
Today half of the online shopping is taking place through mobile devices, smartphones or tablets. Do you know Wi-Fi or mobile connection is considered insecure across the world and it is more vulnerable in, Bangladesh like developing nations. Always keep your computing devices updated with security software and recommended security measures even though you have wired connection because passwords and credit card credentials are stored in cookies and hackers can access through hacking your system easily.

Cross Check before Big Deal
Bangladesh is not a big nation that you can’t collect info on any reputed business using your personal or professional circles. This is imperative, particularly when you are going to pay a big amount or making a big deal where your payment is in risk.

Ray of Hopes
Fortunately, among the misty online environment in Bangladesh, Payza Bangladesh like entrepreneurs have taken right steps to offer secure and easy online shopping experiences in pure Bangladeshi contexts. Moreover, such payment gateway in Bangladesh has made money transactions cheaper and safe through forming alliances with local and international banks.

Ways You Can Use Internet Shopping in Bangladesh To Become Irresistible To Customers

Bangladesh is experiencing the transition from traditional shopping to Internet shopping.

For any business, which wants to jump into the Internet shopping in Bangladesh has to face unique expectations of Bangladeshis and infusing usability aspects in web designing using the best technologies, practices, and following modern trends.These are sure ways to hit success.

customer satisfaction

Craze for Internet shopping in Bangladesh is spreading like wild fire due to improved scenario of information and communication technologies (ICT) and its network with the help of government as well as many entrepreneurs. Mobile and its technology growth are adding more fuel in the flame to put all fantasies of Internet in palms of the Bangladeshis at cheaper and affordable rates.

Moreover, Bangladesh government is seeing and selling dreams of digital Bangladesh by anchoring its majority of services on the Internet or intranet giving mobile accessibility as the bonus. Some banks and private entrepreneurs like Payza Bangladesh are offering secure and super-fast payment gateway services along with multiple other Internet payment options. In sum, the overall scenario seems glorious and hopeful to last for longer.

Meanwhile, some researchers and agencies have taken initiatives to study the various factors influencing the growth of Internet shopping in Bangladesh. Among them, customer satisfaction and usability have prime importance so I would like to spend some time of discussion on these two factors in this post.

Usability and Customer Satisfaction

Technically customer satisfaction is related directly with the ROI of the business because existing customer retention is cheaper against acquiring new one and customer retention comes only through customer satisfaction. Business can satisfy its customers only through addressing their expectations, through perceived value of the company, and branding of the company.

Usability

At other hand customer expectations are directly linked with the quality of products/services and support provided by the company. In present study, it has found that customer satisfaction in Bangladesh depends upon some independent variables like:

  • Variety of Product: For traditional shopping, moving everywhere finding variety of products is tough for Bangladeshis due to various factors like product availability, spending on fuel, and time consumed on traveling. Thus, internet shopping in Bangladesh is gaining ground to access numbers of variations in the products and qualities of the products.
  • Product Information: Bangladeshis like to know products thoroughly as they don’t have physical access to product. Therefore, providing them detailed information regarding product quality, after sale services, and prices matters more than anything else does. They also prefer to discuss on the social media or like to see reviews of product elsewhere on authority sites.
  •  Cheap Price: Comparative shopping is natural tendency in Bangladeshis too. Therefore, offering some cheaper rates can lead business to win battle at first place, but for long run cheap prices must be associated with good quality or services for sake of customer loyalty.
  • Security: This issue is more skeptical for the Bangladeshis due to social and political backwardness of the society. However, recent initiatives of government, banks, and some scrappy entrepreneurs like Payza Bangladesh to offer secure payment gateways and payment options suitable to the country, its people, and nature of the businesses prevailing.
  •  Comfort: Internet shopping itself offers home/office/on-the-go comforts of shopping, but user experiences, shipping/delivery, and payment options provide utmost comfort or satisfactions to the customers. Fortunately, many have learnt these lessons in recent past and are implementing the latest web and mobile development technologies to offer greater degree of comfort to their Internet shoppers.
  • Time: In recent fast-paced life style, none has enough time to go out for physical store shopping. This is very true for Bangladeshis too, for new generation in particular. Thus, Internet shopping is gaining ground rapidly in Bangladesh.
  • Energy Consumption: Internet shopping saves time as well as personal energies of shoppers that is spent moving outside and at far distances.
  • Travel Necessity: In fact, Internet shopping in Bangladesh is more prolific in urban areas compared to rural areas. The reason behind is traffic jams in the cities and e-commerce elements that factor inherently. Thus, home delivery is gaining ground in Bangladesh for this very reason to save time, fuel, and health by just avoiding jam and its polluted environment.

Technically usability of Internet shopping is directly related to the online shopping outlets or e-commerce web portals. Therefore, the quality of e-commerce websites or mobile apps is affecting the usability. Fortunately, today Bangladesh is one of the leading outsourcing software development services provider countries. Thus, by taking advantages of the talented pools, businesses are offering excellent quality, user experiences, and usability features and functionality on their online identities as well as on mobile apps for their businesses.