Digital wallets popular in making society cashless

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Md A Halim
Published : 06:00, Dec 27, 2019 | Updated : 06:00, Dec 27, 2019

Representational imageThe digital wallet has become popular in reducing peoples' dependence on cash and there are several digital wallet services in the country. The mobile is now the wallet. Pay wallets in the country include, Nexus Pay, I Pay, D Money and You Pay. Companies like SSL, Suryamukhi and others function as payment gateway.
Sources say that world famous payment processor, Pay Pal, will not come to Bangladesh but is providing service here through Zoom Pay pal. In addition, there are credit cards offered by different banks.
But there are complaints against credit cards since they face restrictions in overseas usage, besides complications in dual currency payment and other hindrances.
President of Bangladesh Association of Software and Information Services, Syed Almas Kabir, said: “Pay Pal won’t come to Bangladesh but we have solved the need for through a card called Shadhin.”
Those who work in outsourcing can bring money to the country by using this system.
Lauding the digital wallet service, he added: “This is excellent and helps to develop a cash less society but if one common code can be used to make all payments, the process will be easier.”
In end June, 2019, the number of credit card subscribers was 1,203,427. As per Bangladesh Bank information, the number of clients of credit cards in private banks is 1,068,399 while for foreign banks it’s 130,468.
Talking about problems faced in using credit cards to buy products from overseas, MD of City Bank, Masrur Arefin, said: “As per rules, a user has to get passport endorsement and open the foreign section of the card but the limit is within $ 12,000.”
There may be problems in using cards in developing or less developed countries and permission is needed to buy anything above $ 300.”
An official linked to two payment wallets in the country, said: “Nexus pay of Dutch Bangla and You Pay of UCB are doing well. These will be more popular over time, while competition will rise with more pay wallets.”

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