0 months ago
Banglalink wins PSP licence to launch digital payments in Bangladesh
Bangladesh's central bank, Bangladesh Bank, gave a special permission called a Payment Service Provider licence to a phone company called Banglalink.
The permission was given on August 11.
It allows Banglalink to start a new digital money service called Mukto Pay.
With Mukto Pay, people will be able to send money using their phones.
They can also pay for things they buy in shops or online.
They can pay utility and government bills, and companies can send salaries through it.
The service is meant to help people who do not have bank accounts.
Banglalink wants to use its large network of phone customers to reach more people across Bangladesh.
The company is changing from just a phone company into a digital services company.
This can help Bangladesh move towards a future where people use less cash.
Bangladesh Bank granted telecom operator Banglalink a Payment Service Provider (PSP) licence on August 11.
Banglalink's new digital payment service is called Mukto Pay and is a fully owned Banglalink service.
Mukto Pay will offer money transfers, merchant and e-commerce payments, utility and government bill payments, and salary disbursements.
The service targets unbanked and underserved individuals, micro-merchants, and small businesses.
CEO Johan Buse said the move supports Bangladesh's goals of building a cashless society and a trillion-dollar economy.
- Who
- Banglalink, Bangladesh's telecom operator, and Bangladesh Bank, the country's central bank that issued the licence.
- What
- Banglalink was granted a Payment Service Provider (PSP) licence to launch its new digital payment service, Mukto Pay.
- Where
- Bangladesh.
- When
- The licence was issued on August 11.
- Why
- To expand access to digital financial services, support financial inclusion, and advance Bangladesh's shift towards a cashless economy.
Key facts
- Licence type
- Payment Service Provider (PSP)
- Issuing authority
- Bangladesh Bank
- Licence date
- August 11
- New service
- Mukto Pay
- Parent company
- VEON
- Banglalink CEO
- Johan Buse
- Target users
- Unbanked and underserved individuals, micro-merchants, and small businesses
Quotes
Johan Buse
Chief executive officer of Banglalink
“Greater financial inclusion and a digital ecosystem would be essential for Bangladesh’s ambitions of building a cashless society and becoming a trillion‑dollar economy.”
wionews.com
Sources
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