The first ever local online complete payment ecosystem of Bangladesh styled “iPay” has started its commercial journey in the country with a motto of building a cashless society. The iPay Systems Limited introduced the secure and complete payment ecosystem, licensed by Bangladesh Bank as payment service provider (PSP), that transacts money from mobile phones or computers through internet, said a press release.
It is the first ever online payment platform in Bangladesh which provides real cashless 'Fin-Tech' experience that enables anyone to make payments for purchases and utilities. One can also exchange money with other iPay members. iPay is connected with all commercial banks in Bangladesh, so any bank account can be added to the wallet to add or withdraw money.
Finance Minister Abul Maal Abdul Muhith formally inaugurated the iPay at a function on Wednesday (Mar 21) at Radisson Blu Water Garden Hotel in the capital. Posts, Telecommunications & Information Technology Minister Mustafa Jabbar, Advisor to the Prime Minister Iqbal Sobhan Chowdhury, and State Minister for ICT Zunaid Ahmed Palak were present as the special guests.
Muhith welcomed the initiative and hoped that iPay will help in building a cashless society in the country that ultimately ensures financial transparency.
iPay Systems Founder and CEO, Zakaria Swapan gave the welcome speech while Chairman Shahidul Ahsan and high officials of Bangladesh Bank, among others were present in the ceremony. Swapan said iPay is here to build a cashless secure payment ecosystem in Bangladesh for individuals and businesses with a commitment to develop a payment platform to exchange money with state of the art technology.
He said it will make monetary transactions transparent, as all transactions are recorded that are visible to both entities to validate. “It will also reduce illegal activities like money laundering, funding extremists, as iPay does not allow physical cash transactions and all transactions done against verified account or withdraw money through the person’s bank account,” he added.
Any Bangladeshi resident can download the App from both Apple and Google Play Store (iPay Bangladesh) and users can also sign up a new account from its website ipay.com.bd, the release added.