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Meet the Man Behind E-wallets in Bangladesh

Amar Magon Payza Bangladesh

Below are excerpts from an article by Wasi Noor Azam on Startup Dhaka. Read the full interview here: http://www.startupdhaka.org/people/meet-the-man-whos-behind-e-wallets-in-bangladesh/ 

Amar S Magon talks about how people in Bangladesh will for the first time be able to shop online and use their money digitally seamlessly.

Startup Dhaka got the opportunity to get an exclusive interview with Amar S. Magon—a Canadian Entrepreneur who’s investing in Bangladesh. We talked about Payza. Payza has been in Bangladesh for a while now and they’re planning to do some big things.

Q: Tell us a little bit about yourself Mr. Magon.

Born and raised Canadian entrepreneur.  I love travelling, playing sports and hanging with my family.  As for work, I’ve always loved working on projects that impact people’s lives, as well as industries on a whole. I believe in hard work and in miracles!

Q: So what are you currently working on?

We’re about to launch Bangladesh’s first online, e-wallet (Paypal-like) system.  We’re hoping to make a major impact to the entire country. Think about it: Over 160 Million people in Bangladesh, median age is 23 and we are about to introduce its first real type of e-wallet.  People will for the first time be able to shop online and use their money digitally seamlessly.

Q: How does Payza E-wallet work?

The idea behind the Payza local e-wallet system is to give everyone in Bangladesh a much easier way to use their money and to provide the final step in the true online shopping experience.

It’s as simple as creating a free Payza account, topping it up with money (several different top-up options will be available) and then you use that account to buy products and services online through any site in Bangladesh.  From your e-wallet, you’ll be able to send money directly to family and friends and eventually also directly pay bills also.

Q: Payza is offering a new service that you are working on. Could you tell us more about that?

Essentially, for those who understand how Paypal works in USA, Payza will provide the same experience for users locally in Bangladesh.  This will be highly useful in the e-commerce sector where there is no easy to way pay/buy online.  Conducting online transactions using a credit card fails very often, and it is a very tedious and insecure process to give out all your financial information to every website, every time you want to make a purchase.

Users only need to provide their payment or bank information once.  Once the account is connected and money has been topped up into the account, users can easily shop online just by providing their username and password while they checkout from the website.

The other major advantage, especially in a country like Bangladesh, with online shopping is that you will not have to deal with the pain-striking traffic anymore!

 Q: Who are your target customer group?

Young working professionals, freelancers, entrepreneurs, as well as university students will immediately understand the value proposition of what we are bringing to the country.  We will be deploying a brand ambassador program within each of these market segments to help develop our brand with the community.

Q: How easy would it be to get a Payza account after this? Suppose, for someone without an international credit card or even a bank account.

Very easy! All you need is an email address to sign up, the rest is just some details that are seamless.Users will have several easy methods to top up their e-wallet accounts once they open and verify their account.

 Q: Where would you see this service from Payza leading to in the next 5 years?

Our vision and execution plan for this local e-wallet is quite elaborate.  Simply put though, users will be able to use their e-wallet to send, transfer, or make any sort of payment.  We plan on powering the entire e-commerce infrastructure.

We believe that our service will help businesses grow faster as they will be able to provide their customers with a secure and easy way to pay – something that doesn’t exist yet.  Since payments play a big role for startups, we are excited to know that this new seinrvice will help blossom the local startup scene. 

People will be able to freely shop online, pay all types of bills, top up your cell phone, send money to friends and family, etc.  Bottom line, we have big plans!

 Q: When can we expect this service to launch?

Providing a service like this has been work in progress and it’s something that we did not want to rush. We have received much anticipation and eagerness from many major online merchants to offer Payza as the main checkout/payment option.  This will provide the merchants with a secure and seamless payment method for their users – a real win-win situation for the merchants and their customers.  We’re very proud to say that we’ve also got a lot of support organizations like BASIS, government agencies like a2i, as well as strong backing and blessings from the Bangladesh Bank.

We plan to release the beta service by end of August but people can start opening their own e-wallet accounts as of right now.

Anyone interested can head on to Payza Bangladesh and get your own e-wallet.