Digital Payment System in Bangladesh
Digital payments is a developed market trend and emerging trend of digital markets are expected to grow at a faster rate. Vision towards digital change has to be changed such that we not only think but also work digital.
Social and economic practices are becoming digitized to become faster, lucrative and more cost-efficient in order to succeed with the vision of digital Bangladesh. Flexibility is one of the chief assets of every digital system. Our lifestyle has been changed a lot with the incorporation of digital system in economic life.
For example, ecommerce is growing rapidly to manage a better shopping all over the country. Non-cash payments have increased in volume due to the rise in adoption of digital payment services across all market segments.
However, there is still scopes for development of digital market system or payment instrument in our country. Most of the transaction is still managed by cash. Almost 90% of e-commerce transactions of the days are still COD. Pickaboo is one of the nationâ€™s leading eCommerce site which is also using mostly cash on delivery payment system.
Very few percentage of transaction is done digitally. In the recent years, bKash has been pushing business transaction but the company lacks in product to encourage users. Besides, DBBL mobile banking called rocket is earning reputation of providing an easy transaction system.
Mobile is more a necessity than luxuryand use of software service is more desirable than any other commodity service. Essentially online market system is entirely based upon mobile application. Mobile app has improved the payment adoption and information security. Surely, digital payment system will be a blessing for eCommerce .
The digital payment system in general is the best option for it has a lot of advantages including: time effectiveness, authentication and secured access of information, improved business processes and improved customer satisfaction. This is the root cause why the popularity of digital payment is spreading faster in our country.
Even our neighbor India is on to pull up the trend of digital payment by offering attractive user module throughout the country. From our countryâ€™s perspective cash still remains the popular means of payment.
There are specific situations where one or more of the attributes of cash are not yet matched by digital payments. Still the digital payment is increasing popularity and we have many products that are enabled indigital payment only.
Local digital payment system like Pay 365, iPay, E-Wallet are in use in beta but still we need to increase in number. There is an upcoming solution called Josspay which is yet to launch officially. Another global digital payment systems, PayPal has recently been introduced in our country which is very encouraging for us.
Digital payments is a developed market trend and emerging trend of digital markets are expected to grow at a faster rate. It is important to expand the perimeter of this payment infrastructure. Only goal setting is not enough to achieve the vision we have talked so many times. Vision towards digital change has to be changed such that we not only think but also work digital.
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