E-Payment Systems of Bangladesh

E-Payment Systems of Bangladesh

Course code: MGT-4135

Course Name: E-Commerce

Submitted to: Ms. Rabeya Rahaman

Assistant Professor Department of Management Studies

Jagannath University, Dhaka

Submitted by: MD. Anwar Hossain

Roll: 114842 BBA 6th Batch, 7th Semester, Section-B Department of Management Studies

Jagannath University, Dhaka

Submission Date: 23rd November, 2014

Acknowledgement First of all, we would like to thank the almighty Allah. I express my heartiest gratitude to our course instructor Ms. Rabeya Rahaman for her valuable guidance, scholarly direction and unconditional support during the preparation of this report. She has provided ideas, feedback and a lot of encouragement. I have learnt a great deal from her. Thanks to all for spent time to share ideas and effort critiquing the final draft and correcting the language. Big thanks to everyone!

Letter of Transmittal 23rd November, 2014 To Ms. Rabeya Rahaman Assistant Professor Department of Management Studies Jagannath University Dhaka Subject: Prayer for accepting our group assignment. Ms., It is my pleasure to submit the report on “E-Payment Systems of Bangladesh” that you asked me to prepare as part of the E-Commerce Course (MGT-4135) requirement. The general purpose of the report is to understand the e-commerce payments systems used all over the world and the available e-payment systems in our country. I am pleased to be granted this vital opportunity and grateful for your versatile assistance. I hope that my work will please you. I want to have the privilege to give answers to your queries, if any. Sincerely yours MD. Anwar Hossain. Roll : 114842 BBA 6th Batch, 7th Semester, Section-B Department of Management Studies Jagannath University

Executive Summary

Electronic commerce is rapidly growing as an impressive manifestation of globalization. The rapid expansion of e-commerce is a major opportunity for local and international trade development of Bangladesh. However, infrastructure, culture, and attitude are significant barriers to e-commerce. Bangladesh government has gone forward except minor lacking to create an ecommerce friendly environment. In this report we first have described the concept of E-Commerce and illustrate its growth all over the world by figure. Then we have the simple steps by following what individual can purchase goods over the internet. Then we have shown the transaction process of E-Commerce. Next I have described the major types of E-Commerce and M-Commerce payment systems. After that I have highlighted the present scenario of E-Commerce in Bangladesh. I also have mentioned the most known e-commerce sites of Bangladesh. Then I have described the available e-payment systems of Bangladesh in details. Finally I have finished the report with a conclusion.

Table of content

Contents Page no.

1. Introduction 1

1.1 Objectives of report 1

1.2 Methodology 1

1.3 Limitation of study 1

2. E-Commerce & Electronic Payment Systems 2-6

2.1 Concept of E-Commerce 2

2.2 Simple steps followed to buy over internet 3

2.3 E-Commerce transaction process 3

2.4 Types of E-Commerce payment systems 4-5

2.5 Digital payment systems for M-Commerce 6

3. E-Payment systems of Bangladesh 7-14

3.1 E-Commerce in Bangladesh 7-8

3.2 Popular E-Commerce sites of Bangladesh 8

3.3 Credit Card and Debit Card payment systems 8-9

3.4 Cash On Delivery (COD) 9

3.5 Digital Wallet and E-Cash 10-13

3.6 Online stored value payment systems 13-14

3.7 Smart Card 14

4. Conclusion 15

5. References 16

List of figures

List of figures Page no.

1. The Growth of E-Commerce 2

2. E-Commerce Transaction Process 3

3. The architecture of bkash 10

4. Figure 4: National payment switch 11

5. Architecture of e-wallet 11

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Introduction

Commerce is the most major aspect of any civilization. Improving Commerce can bring prosperity into all segments of society. In today's world there have been major changes to the commerce industry. The most important of it is the introduction of computers into the commerce industry. Computerization of commerce has taken the world by a storm. There are significant improvements in the areas of initiating sale of products, placing orders, making payments, and transfer of funds. This has led to a much better global economy and better living standards for all. E-Commerce (Electronic Commerce) is defined as a monetary transaction that occurs electronically as opposed to the physical exchange of money or checks. Tangible currency is eliminated and accounts are maintained electronically to reflect the effects of transaction. Ecommerce involves trading using the latest electronic equipment and software between the sellers and the buyers. The trade in e-commerce is conducted in a slightly different way than the traditional trading. That’s why there have been developed may types of e-payment system for making transaction in e-commerce.

1.1 Objectives of report:

We can summarize the key objective of this report. From this report the reader can get the following information about;

Concept of E-Commerce and it growth Types of E-commerce payment system around the world Digital Payment system for M-Commerce E-Commerce scenario of Bangladesh Name of popular E-Commerce sites of Bangladesh The major e-payment systems of Bangladesh

1.2 Methodology:

For preparing this report mainly use secondary source; several e-commerce websites. We also use recent online news sites to get recent information about e-commerce scenario in Bangladesh and its e-payment systems. We also use text book and recent report of some renowned person and organization.

1.3 Limitation of study:

We have also faced some limitation and obstacle by preparing this report. Some of those are shown below;

New concept & new type of assignment Lack of latest official report on the e-payment or online payment Lack of primary sources Lack of statistical report Short time

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E-Commerce & Electronic Payment Systems

2.1 Concept of E-Commerce:

E-commerce (Electronic Commerce) refers to the use of the Internet and the Web to transact business. More formally, e-commerce is about digitally enabled commercial transactions between and among organizations and individuals. For the most part, this means transactions that occur over the Internet and the Web. Commercial transactions involve the exchange of value (e.g., money) across organizational or individual boundaries in return for products and services. E-commerce began in 1995 when one of the first Internet portals, Netscape.com, accepted the first ads from major corporations and popularized the idea that the Web could be used as a new medium for advertising and sales. No one envisioned at the time what would turn out to be an exponential growth curve for e-commerce retail sales, which doubled and tripled in the early years. E-commerce grew at double-digit rates until the recession of 2008–2009 when growth slowed to a crawl. In 2009, e-commerce revenues were flat (Figure 1), not bad considering that traditional retail sales were shrinking by 5 percent annually. In fact, e-commerce during the recession was the only stable segment in retail. Some online retailers forged ahead at a record pace: Amazon’s 2009 revenues were up 25 percent over 2008 sales. Despite the recession, in 2010, the number of online buyers increased by 6 percent to 133 million, and the average annual purchase is up 5 percent to $1,139. Amazon’s sales grew by 28 percent in the year. Retail e-commerce revenues grew 15–25 percent per year until the recession of 2008–2009, when they slowed measurably. In 2010, e-commerce revenues are growing again at an estimated 12 percent annually.

Figure 1: The Growth of E-Commerce

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2.2 Simple steps followed to buy over internet:

For buying over the intent individual and firms generally follow these 10 steps;

1) A computer with internet connected should be required. 2) Figure out clearly of what you want or what you need to shop and possibly mark

it/them down. 3) Browse the reputable or reliable directory websites to get more information

about the product and what's more, compare the prices and features and find the best one to meet your requirement.

4) Directly visit the vendor’s website and take a look at the reviews below the exact item for reference.

5) It will ask you to login. If not registered, become a member and login into the site.

6) It will ask you to enter the delivery address. 7) Enter the billing address. 8) Click submit button. 9) It will ask your Credit card credentials. Enter the details and submit it. 10) You are done

2.3 E-Commerce transaction process:

By the figure we can see the main parties and their operations in the e-commerce transaction process.

Figure 2: E-Commerce Transaction Process

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2.4 Types of E-Commerce payment system:

An e-commerce payment system facilitates the acceptance of electronic payment for online transactions. Several e-commerce payment systems have been developed to pay for goods electronically on the Internet. Some of the most popular Electronic payment systems for the Internet are followings;

Credit Card Payment System: Nearly 42% online payments in 2013 the United States use credit cards, or rely on the credit card system. Businesses can also contract with services that extend the functionality of existing credit card payment systems. A credit card is a payment card issued to users as a system of payment. It allows the cardholder to pay for goods and services based on the holder's promise to pay for them. The issuer of the card creates a revolving account and grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user. Some of the most popular credit cards are Visa, MasterCard and American Express.

Debit Card Payment System: Nearly 29% online payments in 2013 the United States uses debit cards. A debit card (also known as a bank card or check card) is a plastic payment card that provides the cardholder electronic access to his or her bank account(s) at a financial institution. Some cards may bear a stored value with which a payment is made, while most relay a message to the cardholder's bank to withdraw funds from a payer's designated bank account. The card, where accepted, can be used instead of cash when making purchases. In some cases, the primary account number is assigned exclusively for use on the Internet and there is no physical card.

Digital Wallets: Digital Wallets makes paying for purchases over the Web more efficient by eliminating the need for shoppers to enter their address and credit card information repeatedly each time they buy something. The digital wallet securely stores credit card and owner identification information and enters the shopper’s name, credit card number, and shipping information automatically when invoked to complete a purchase. Google Checkout is an example.

Digital Cash: Digital Cash also called e-cash was one of the first forms of alternative payment systems developed for e-commerce. The basic idea behind all digital cash systems is payment over the Internet by transmitting unique, authenticated tokens representing cash value from consumer to merchant. Here the customer first collects token in exchange of money from the E-Cash Service Provider then use that token to purchase product or transfer funds. Example: DigiCash, First Virtua.

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Online Stored Value Payment Systems: Online Stored Value Payment Systems enable consumers to make instant online payments to merchants and other individuals based on value stored in an online digital account. Some online stored value payment systems such as Valista are merchant platforms. Others are focused on peer-to-peer payments, such as PayPal. PayPal is owned by eBay and makes it possible for people to send money to vendors or individuals who are not set up to accept credit card payments. Smart Cards are another kind of stored value system based on credit-card-size plastic cards with embedded chips that store personal information that can be used to support mobile wireless e-commerce payment.

Digital Accumulated Balance Payment System: Micropayment systems have been developed for purchases of less than $10, such as downloads of individual articles or music clips, which would be too small for conventional credit card payments. Digital Accumulated balance payment systems enable users to make micropayments and purchases on the Web, accumulating a debit balance that they must pay periodically on their credit card or telephone bills. Examples are Valista’s PaymentsPlus used by AOL, Vodafone, and NTT DoCoMo, and Clickshare, which is widely used by the online newspaper and publishing industry.

Digital Checking Systems: Digital checking systems (also called e-checking) such as PayByCheck extend the functionality of existing checking accounts so they can be used for online shopping payments. Funds transferred directly via signed draft/check from a consumer’s checking account to merchant/ other individual. So we can say E-cheque is the soft copy version of traditional bank cheque. Digital checks are processed much faster than traditional paper-based checking. Security features provided by electronic checks include authentication, public key cryptography, digital signatures and encryption, among others.

Electronic billing presentment and payment systems: Electronic billing presentment and payment systems are used for paying routine monthly bills. They enable users to view their bills electronically and pay them through electronic fund transfers from bank or credit card accounts. These services notify purchasers about bills that are due, present the bills, and process the payments. Some of these services, such as Yahoo! Bill Pay, CheckFree, consolidate subscribers’ bills from various sources so that they can all be paid at one time.

Smart Card: A smart card, chip card, or integrated circuit card (ICC) is any pocket-sized card with embedded integrated circuits. Smart cards are made of plastic, generally polyvinyl chloride, but sometimes polyethylene terephthalate based polyesters, acrylonitrile butadiene styrene or polycarbonate.

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2.5 Digital payment systems for M-Commerce:

Use of mobile handsets as payment devices is already well established in Europe, Japan, and South Korea. Three kinds of mobile payment systems are used in Japan, and these provide a glimpse of the future of mobile payment in the United States Japanese cell phones support stored value systems charged to credit cards or bank accounts, mobile debit cards (tied to personal bank accounts), and mobile credit cards. Japanese cell phones act like mobile wallets, containing a variety of payment mechanisms. Consumers can pay merchants by simply waving the cell phone at a merchant payment device that can accept payments. Japan’s largest phone company NTT DoCoMo introduced wireless RFID cell phones and a related payment system (FeliCa) in 2004. Currently 10 million wallet phones are in use in Japan. In the United States, the cell phone has not yet evolved into a fully capable mobile commerce and payment system. The cell phone in the United States is not connected to a wide network of financial institutions, but instead resides behind the walled garden of the telephone providers. In Europe and Asia, cell phone users can pay for a wide variety of real goods and services, and their cell phones are integrated into large financial institutions.

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E- Payment Systems of Bangladesh

3.1 E-Commerce in Bangladesh:

In the year 1997, private Internet Service Providers (ISP) launched Internet in Bangladesh. Since then, the infrastructural development in the sector of telecommunication has helped spread the Internet network around the country. Right now more than 6.5 million people are using Internet in the country with the help of around 200 registered ISPs and dial-up services and the cost of using Internet is low. The increasing number of user of Internet creates more opportunity of e-commerce in the recent years. As such Bangladesh has to go long way to develop its network for arranging Digital Bangladesh by the year 2021 and public and private cooperation and strategic alliance is required to develop e-business system in the country. In order to cope with the present world, almost all of the financial organizations and international businesses in Bangladesh enter in the information highway through hosting website. Banks and other financial organizations have started online transactions like fund transfer, payment etc. In Bangladesh, there is a great deal of interest in e-business; however, due to various economic, infrastructural and legal reasons it has not spread. Most important companies, associations, chambers and government offices have set up websites. These sites mainly provide information about the organization, and its products and services. There are very few sites where financial transactions can be completed. Main reasons for low e-commerce transactions are absence of legal framework for completing an electronic business or financial payment system, low Internet usage due to lack of adequate telecom facilities, and overall lack of confidence in the security and reliability of e-commerce transactions. Bangladeshi internet shopping as the internet becomes more usable to Bangladesh; it's clear-cut that online sales will spring up. This is ahead to more accessibility of online buys. Competitor will become fast-growing as online shopping raises and so Bangladeshi retailers shouldn't be left alone. The online retail industry is getting more significant as the internet carries on rising in signification in Bangladesh. Bangladesh internet site Directory for Online Shopping especial wholesale & retail choice of e-commerce internet site and first-class stores. Aside from international market, local businesses are also moving towards e-commerce. Mobile Phone Companies (e. g. Flexi load, GP Bill Pay Services); Banks (e.g. Online Banking, bkash), Shopping Malls (e.g. Buying and Selling using Credit Card), hotel and ticket bookings are a few of them. Despite being an under developed country, selected segments of the Bangladeshi business community has embraced technology with reasonable success. Starting in early 1990s, internet in the country has witnessed a phenomenal growth, and has made quite promising moves towards e-commerce. The central bank (Bangladesh Bank) gave the green signal for the e-commerce transactions in Bangladesh in 2009. Following the

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beginning of the e-commerce era in the country, Dutch Bangla Bank (DDBL) launched IPG named Nexus-Gateway in 2010 and BRAC Bank, in the same year. This gave interested e-merchants of Bangladesh to get connected and receive payments from the buyer’s credit or debit cards (such as MasterCard or Visa) for their goods and services. Very recently Bangladesh Bank has launched the National Payment Switch (NPS) in December, 2012, at a cost of $5 million (40 crore TK around) funded by the World Bank. It took more than three years to install it. NPSB would work as a common platform for all banks for all types of electronic transactions, including internet banking, mobile banking, POS (point-of-sale), cash withdrawal, deposit and utility bill payments by using cash card, debit and credit card. It is here to be noted that, at the primary stage the NPS was also supposed to settle payments of the international credit and debit card holders issued by the local banks in foreign currency. But due to tight monetary policy of the government the offshore settlements is not possible under the NPS system. At present, as a started out with e-commerce they attempt to establish an effective platform in Bangladesh. Additionally, they are wishing customer support to establish a well platform to e-commerce in Bangladesh.

3.2 Popular E-Commerce sites of Bangladesh:

Some of the popular e-commerce sites of Bangladesh are following;

www.aarong.com www.agni.com www.amardesheshop.com www.apnardeal.com www.ark-dhaka.net www.banglacommerce.com www.bangladeshbrand.com www.bdbazar.com www.bdcom.com www.bdjobs.com www.bdjobs.com www.bdmail.net www.bestway.com www.bijoy.net www.bikroy.com www.bikroy.com.bd www.boi-mela.com www.champs21.com

www.chorka.com www.ebaybd.net www.ekhanei.com www.ekushey.com.bd www.hutbazar.com www.kenakata24-7.com www.kholabazar.com www.meenabazar.com.bd www.muktabazaar.com www.mydomainic.com www.olx.com.bd www.paribahan.com www.rokomari.com www.shoppingcard.com www.shurjomukhi.com.bd www.sonalibangla.com www.star-ejobs.com www.technobd.com

3.3 Credit Card and Debit Card payment system:

Credit Card payment system has become a popular e-payment system of Bangladesh. Here is the list of the bank of Bangladesh who issue credit card for individuals.

AB Bank Agrani Bank

Al-Arafa Islami Bank Bank Asia Limited

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Dutch-Bangla Bank Eastern Bank Limited HSBC Bangladesh Janata Bank Mercantile Bank Mutual Trust Bank National Bank

Prime Bank Standard Chartered Bank Social Islami Bank Shajalal Islami Bank United Commercial Bank Uttara Bank

A payment gateway is an e-commerce application service provider service that authorizes credit card payments for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. In Bangladesh the most common two of these are; EasyPayWay: EasyPayWay is an online payment gateway for Bangladesh Market. They enable e-commerce businesses to process debit and credit cards online quickly and securely! Through their range of e-commerce solutions they automate their online payments saving buyer’s or client’s time and money! All debit and credit card transactions are processed in real time directly into your Internet Merchant Account. Get online faster with our expert e-commerce advice, simple integration, the widest range of integrated shopping carts, and FREE 24/7 support you can rely on.

Payoneer MasterCard: Payoneer MasterCard is a prepaid debit card provided by Payoneer. Payoneer is an online payment solution offering organizations a global, friendly way to send funds to remote or dispersed populations, using Payoneer MasterCard. They work closely with Choice bank limited or First Covenant Bank, which issues their cards and processes the transactions. An industry leader, Payoneer MasterCard is currently used by more than half a million individuals, worldwide. The card holder won’t even need a bank account – which means users in more remote parts of the world are free from long journeys to find somewhere they can cash a check. Payoneer MasterCard is now integrated with major freelance outsourcing marketplaces such as oDesk, Elance, Rent a Coder and so on. They are called as an official partners. Bangladeshi freelancers can withdraw their online earnings through Payoneer MasterCard using ATMs or bank transfers.

3.4 Case On Delivery (COD):

Still now many e-commerce sites especially C2C and B2C offer and permit the cash on delivery payment system in e-commerce transaction. Here actual payment occurs when the customer received the product and paid cash money to the carries.

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3.5 Digital Wallet and E-Cash:

bKash: bKash Limited, a subsidiary of BRAC Bank, started as a joint venture between BRAC Bank Limited, Bangladesh and Money in Motion LLC, USA. In April 2013, International Finance Corporation (IFC), a member of the World Bank Group, became an equity partner and in April 2014, Bill & Melinda Gates Foundation became the investor of the company. The ultimate objective of bKash is to ensure access to a broader range of financial services for the people of Bangladesh. It has a special focus to serve the low income masses of the country to achieve broader financial inclusion by providing services that are convenient, affordable and reliable. It was launched its mobile banking operation in July 2011. This is fast, affordable, secure, convenient and nationwide. More than 70% of the population of Bangladesh lives in rural areas where access to formal financial services is difficult. Yet these are the people who are in most need of such services, either for receiving funds from loved ones in distant locations, or to access financial tools to improve their economic condition. Less than 15% of Bangladeshis are connected to the formal banking system whereas over 68% have mobile phones. These phones are not merely devices for talking, but can be used for more useful and sophisticated processing tasks. bKash was conceived primarily to utilize these mobile devices and the omnipresent telecom networks to extend financial services in a secure manner to the under-served remote population of Bangladesh. Generally, the payment process is (before that a user must done their registration and collect their PIN):

1) User login their account using their ID and PIN 2) Choose their suitable payment method and perform the operation

Figure 3: The architecture of bkash

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Figure 4: National payment switch.

Figure 5: Architecture of e-wallet.

The electronic wallet (e-wallet) provides all of the functions of today’s wallet on one convenient smart card eliminating the need for several cards. The e-Wallet will also provide numerous security features not available to regular wallet carriers. e-wallet is a digital wallet which allows users to make electronic transactions quickly and securely. In our proposed e-wallet, we directly linked our bank account to it. We assume that, it’s a one kind of internet banking with more features such as purchase goods and service directly from our bank account, transfer money to others (e-wallet users), issuing e-checks, e-cash, e-pay-order etc. In other word, the whole banking services should be

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done by e-wallet. We linked our several bank accounts to e-wallet. We also link our credit/debit card; use them through e-wallet. e-wallet must be connected to National payment switch for getting more benefits. Figure 5 shows the architecture of e-wallet.

MYCash: MYCash is a customer centric mobile financial service brought to us by Mercantile Bank Limited (MBL). MYCash commits to deliver a wide range of financial products and services through mobile phone to the people of Bangladesh. MYCash has been authorized by Bangladesh Bank to offer and operate Mobile Financial Services. MYCash promises you to provide a combination of convenient and secured services to ‘Make Life Easy’.

mCash: Islami Bank mCash is the Mobile Banking of Islami Bank Bangladesh Limited where the customers of any mobile company take the 24 hours of mobile banking services from anywhere of the country without going to any branches. Despite making significant improvements in all the areas relating to financial viability, profitability, innovation and competitiveness, there are concerns that banks have not been able to include vast segment of the population, especially the underprivileged sections and rural people into the fold of basic banking services. On the other hand, rapid growth of mobile phone users and wider range of the coverage of Mobile Network Operators (MNOs) has made their delivery channel an important tool of the trade for extending banking services to the unbanked/banked population. In order to ensure the access of unbanked people by taking advantage of countrywide mobile network coverage, Bangladesh Bank given the permission to start the mobile banking operation for adoption of the unbanked people who have mobile connection. Taking the growth of Mobile banking into consideration, it can be the perfect platform for Bangladesh to take financial services to the country's largely unbanked population in an efficient and low-cost manner.

UCash: UCash is a complete mobile financial service by United Commercial Bank Limited (UCBL). UCBL received permission to operate and offer Mobile Financial Services (MFS) from Bangladesh Bank. UCash is the brand name of the mobile financial services offered by UCBL. UCBL strongly believes in the idea of “financial inclusion” and that banking facilities should be accessible to all. UCash has launched its services all over Bangladesh with the intention to provide banking facilities to the vast majority of unbanked population of the country. UCash intends to familiarize banking facilities to those who previously were not able to access banking services. UCash will act as a catalyst for economic development of the unbanked population by providing prompt, fast and safe banking products and services.

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SureCash: It is the mobile banking and e-wallet service of First Security Islami Bank Limited. The main features of Sure Cash are following;

1) Convenient 2) Faster Electronic Fund Transfer 3) Safe Payment System 4) Cash Withdrawal 5) Fund Transfer Facilities 6) Widely Available Throughout the Country 7) Simple Account Opening

Moneybookers Skrill: Moneybookers Skrill is an e-wallet newly rebranded as Skrill. It offers its customers a safe and instant way to transfer money online. They don’t have to re-enter their financial details every time they make a transaction. They can send money from credit / debit card, transfer money to and from their bank account and pay for online purchase/auctions. Moneybookers Skrill has over 25 million customers and is regulated by the United Kingdom Financial Services Authority (FSA). Moneybookers Skrill‘s worldwide payment network offers businesses access to over 100 payment options in over 200 countries including Bangladesh and territories through just one account. More than 120,000 merchants use Moneybookers Skrill and it is growing quickly.

3.6 Online stored value payment systems:

Payza: Payza (formerly AlertPay) is a Web site that specializes in e-commerce allows users to transfer funds electronically using e-mail. This site is as like as PayPal. Payza has officially launched in Bangladesh on February 22, 2012 as the country’s first online payment service provider. Payza, in collaboration with Bangladesh-based Casada Technology Ltd, will be providing Bangladeshi freelance IT workers with the ability to receive international payments, conveniently and affordably, directly transferred into their local banks. Until now this essential service has not been available to Bangladesh. Some of key feature of this site are:

a) Add Funds and Withdraw: Load your e-wallet or claim your money - the way that works best for you!

b) Send Funds: Send money by email quickly, easily & for free! c) Resolution Center: Rest assured-you are being heard! d) Available Currencies: Supporting over 21 currencies worldwide. e) Secure Online Payments: Make a payment or send funds, safely and easily. f) Request Funds: Request funds from anyone including friends and family and get

paid instantly! g) Local Payment Options: Payza connects millions of members around the world

with their money! Anywhere, anytime — and always secure! h) Referral Program: Expand the Payza network and earn money!

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Payza is also supported by the following e-commerce firms for transaction.

Ekhanei.com Bikroy.com Amar Desh Amar Gram Fortuna Bangladesh Rokomari Bangladesh Brands

Chaldal Clickbd Direct Fresh Hungry Naki Kaymu

3.7 Smart Card:

Some organization of Bangladesh also use stored value system to e-payment. In this case the organization provides a unique personalized card to the member of the organization. This card is called Smart Card. The member must pay advance to the organization to store value on their card. In next future when the member consume or use the benefit of organization or purchase any product form it the value will be deducted form that particular member. We can give example of BRTC Card provided to pay the rent, STAR Cineplex Smart Card to visit and watch movie, card provided to member of online shopping super shop.

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Conclusion

So finally we can say nowadays, there are a few supported online payment methods available in Bangladesh. But it is all surprising that Paypal – the most popular online payment method is not available here. Bangladesh authority is trying to introduce them. Government should spread the knowledge of e-commerce’s benefits across the country to develop this business model. We hope PayPal will start their operations in near future and the existing systems will be developed by providing necessary support of the Government of Bangladesh.

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References

http://mcash.islamibankbd.com

http://techinews24.com

http://wikipedia.org/wiki/E-commerce_payment_system

http://www.bkash.com

http://www.mycashmbl.com

http://www.thedailystar.net

http://www.ucash.com.bd

https://www.easypayway.com

https://www.sslcommerz.com.bd

Kenneth C. Laudon and Jane P. Laudon, “E-Commerce, 10th Edition”

Kenneth C. Laudon and Jane P. Laudon, “Management Information Systems-

Managing The Digital Firm 12th Edition”

Mohammad Salah Uddin, Member, IACSIT, and Afroza Yesmin Akhi, “E-Wallet System

for Bangladesh an Electronic Payment System (2014)”