First Online Payment Processor in Bangladesh Experiences Exponential Growth as the Country’s Central Bank Raises Receiving Limits
NEW YORK, NY–(Marketwire – Sep 20, 2012)
Payza, one of the largest payment platforms fore-commerce, corporate disbursement and remittances, announced that the company is experiencing an unprecedented growth in the number of international payments directed into Bangladesh since it first introduced localized global bank transfer services in the region earlier this year. In recognition of the successful implementation of new international payment services within Bangladesh, the country’s central bank, Bangladesh Bank, has raised the receiving limits for international transfers from $500 to $2,000 USD per transaction and streamlined the remittance process in an effort to promote and facilitate the continued flow of international funds into the country.
“When we first launched Payza in Bangladesh earlier this year, we entered the country with the mission of providing an emerging market with access to the same level of international monetary transfer services as is enjoyed in developed markets,” explains Payza CEO Alastair Graham. “The Government of Bangladesh is seeking methods with which to facilitate the growth of the country’s freelance IT sector internationally. We have an important role to play in providing international payments services to this booming sector. Thanks to the implementation of the BEFTN (Bangladesh Electronic Funds Transfer Network), we have been able to work in concert with government and members of the country’s banking sector to bring Payza’s affordable, secure and convenient services to Bangladeshis.”
Prior to Payza’s entry into Bangladesh, Bangladeshi freelancers faced a roadblock that stunted this sector’s growth and development. There had been no secure system for accepting international payments that was particularly cost-effective and efficient. By providing a localized service to those looking to transfer money from international sources into their local bank account, Payza was able to grow its member base beyond the estimated 10,000 IT freelancers in the country. The company now boasts more than 250,000 Bangladeshi members, surpassing company growth beyond corporate expectations.
At a recent address to the delegates of the 4th International Banking and Mobile Commerce Conference in Dhaka, Bangladesh, Dr. Atiur Rahman, the Governor of Bangladesh Bank, acknowledged the progress of opening the country to the global marketplace via the integration of technologically advanced financial services, such as Payza’s global online payment platform. “If we can continue this momentum, the dream of transforming our beloved nation into ‘Digital Bangladesh’ will not be far away,” declared Rahman.
“Our global online payment platform, which allows Bangladeshis with a Payza account to receive payments from abroad into their Payza e-wallets and subsequently transfer the funds directly to their local bank accounts, has resulted in instant savings for our members,” explains Graham. “Payza is proud to be achieving its goal of directly contributing to the development of this emerging economy and improving the lives of citizens in Bangladesh.”