Payza and Bangladesh Commerce Bank Limited (BCBL) have signed a Memorandum of Understanding (MOU) that will allow Payza to bring new mobile wallet services to Bangladesh. The Executive Vice President of Payza, Mr. Firoz Patel, and the Managing Director of BCBL, Mr. Abu Sadek Md. Sohel, were the primary signatories representing their organizations.
Payza, in conjunction with Bangladesh’s Casada Technology Limited, has already launched two important services in Bangladesh, a country of with over 150 million inhabitants. Payza is one of the only e-wallet services available in Bangladesh, allowing Bangladeshis to send and receive money online to and from almost anywhere in the world. In December 2012, Payza and Casada launched SimplySendBD, a unique, low-cost remittance option for Bangladeshi ex-pats to send funds back home to their family and loved ones. Payza and Casada are now preparing to launch a revolutionary mobile wallet service that will allow Bangladeshis to shop online and to pay their utility bills, such as gas, electricity and water, directly from their mobile phones.
Payza and Casada shared a demo video showcasing the powerful potential of the Payza M-wallet Platform. On top of online shopping and bill payments, the platform also opens up opportunities for organizations to dabble in corporate disbursements, enabling mass payouts making it easier to pay out salaries and commission.
“Thanks to our partnership with Casada, Payza has been able to bring Bangladesh services that both meet the regional needs and help bring this economy into the global online marketplace,” said Patel. “This partnership with BCBL paves the way from an exciting new service that will make the daily lives of many Bangladeshis easier by taking away the need to wait in long lineups in order to pay monthly bills. The new m-wallet service should also improve the strength of Bangladesh’s e-commerce industry by giving shoppers better options to complete their online purchases.”
While the m-wallet product is still in development, the service is expected to launch in the last quarter of 2014.