How Small Vendors And Individuals Can Benefit From Digital Payment?

The Bangladeshi government is making efforts to encourage expatriates to send money to Bangladesh from abroad. To facilitate interoperable transactions for all accounts of conventional banking and mobile financial services (MFS), the government will introduce a digital transaction framework with a single payment interface. The platform would allow for cross-platform transactions, including bill payments, regardless of which banks or mobile financial services are used. The growth of mobile money transfer is one of the most visible developments in Bangladesh nowadays. A digital ecosystem has sprung up as a result of this change, increasing value to the economy overall.

How Good Is The Outcome Of Digital Payment Initiatives In The Country?

Despite recent rapid advancements, digital payment in Bangladesh is still in its infancy. In Bangladesh, 71% of transactions are still not done online. The majority of online money transfer to Bangladesh results in cash withdrawals, defeating the intention of cashless payment. Several key areas must be prioritized to sustain the acceleration spurt and create a robust digital payment ecosystem in Bangladesh.

More than half of the country’s citizens do not have access to a bank account. Mobile money transfers service providers such as ACE money transfer has aided in attracting first-time customers to digital payment services. Still, a bank account is needed to access the full range of digital financial services. By 2024, according to the government’s national financial inclusion plan, all residents will have bank accounts. As a result, there is still more work to be done in the area of financial inclusion. The private sector and the government should pool their resources to expand financial literacy programs across the world. It will also aid in developing faith in financial services technologies, including sending money to Bangladesh online from abroad.

Do you want to Get Two Per Cent Incentive On Money Transfer To Home Country?

If you are a Bangladeshi citizen sending money home, the government will add 2% to your transfer – the bonus is 2% of the total amount sent and is paid in BDT. This applies to all transaction methods supported by ACE Money Transfer (Bank Transfer and Mobile e-wallet). Any legal remittance channel switch from a Bangladeshi national into a Bangladesh account will be rewarded. The 2% bonus will be provided to remittance recipients in cash (for COC payments) or a deposit into their bank accounts.

What Are The Requirements For Two Per Cent Incentives On Money Transfer To Home Country?

There’s no paperwork required for money transfers to Bangladesh up to BDT 150,000/-, and the 2 per cent bonus would be applied directly to the payment. The beneficiary must request paperwork to claim a 2% bonus on payments above BDT 150,000/-. Beneficiaries must have a copy of the remitter’s passport, as well as job verification from their employer (appointment document, the letter from employer, etc.) or a certificate from BMET. A copy of the business license will be required for business people.