World’s largest online payment system PayPal will be available in more 10 commercial banks along with the state-owned Sonali Bank. Prime Minister’s ICT Adviser Sajeeb Wazed Joy will inaugurate the service officially on October 19 at Bangabandhu International Conference Centre, Dhaka.
Sonali Bank has already signed an agreement with PayPal to bring remittance and outsourcing money to Bangladesh. Very soon more 10 private banks including Islamic Bank will be affiliated with PayPal.
State-owned banks like Janata Bank, Rupali Bank, Agrani Bank and commercial banks like Islami Bank, Meghna Bank, Social Islami Bank, Pubali Bank, Dutch Bangla Bank, Uttara Bank and City Bank are trying to get affiliated with PayPal service. Among these Banks, some have got verbal approval from Bangladesh Bank. Bangladesh Bank is encouraging government and private banks to get affiliated with PayPal service.
In this regard, Arastoo Khan, Chairman of Islami Bank said, ‘Islami Bank is going to be affiliated with the PayPal service to keep the customers ahead with the advancement of technology.’
Bangladesh Bank spokesman and Executive Director Subhankar Saha told the Bangla Tribune, ‘There is no need for separate policies for banks to be associated with PayPal. In this case, the rules of Bangladesh Bank related to foreign transactions should be followed.’
He further said, ‘Bangladesh Bank also has played a role in the process of Sonali Bank’s affiliation with PayPal. We want the expatriates to send money to the country easily through PayPal. In the same way, freelancers can also use PayPal to bring money in the country within a short time.’
However, Abul Layes Afsari, head of Foreign Remittance Management Division, Sonali Bank said that earlier PayPal service was introduced informally in Bangladesh. According to his information, Expatriates have sent Tk3, 88, 92,455 to the Sonali Bank through PayPal until Tuesday (October 17th). The service was launched in 2015.
Primarily, money transaction in Bangladesh through PayPal will be available for only US expatriates. Later, it will be available for other countries. However, it will not be possible to open PayPal account from Bangladesh.
PayPal has acquired money transfer company Xoom two years ago. Basically, through the technical assistance of Xoom, PayPal will provide services in Bangladesh. Through PayPal's Xoom, international financial transactions, payments of different types of and bills can be done in a fast, easy and secure way.
Now a PayPal account holder of an outside country can send money in the accounts of Xoom account holders of Bangladesh.
