Online money transfer giant PayPal slated for August entry in Bangladesh

Popular online money transfer agency PayPal is all set to sign an MoU with state-owned Sonali Bank, clearing the decks for its debut in Bangladesh, authorities have confirmed.

Sonali Bank Director-in-charge Md Abdur Rob told bdnews24.com on Friday that PayPal had responded with positive indications to a proposal made by the bank to sign an MoU.

“We hope the service will start in Bangladesh from next month”, he said.

State Minister for Information and Communication Technology (ICT) Zunaid Ahmed Palak told bdnews24.com, “Under the leadership and overall guidance of ICT adviser to the government, Sajeeb Wazed Joy, we have made much progress on our commitment to bring PayPal services to the people of Bangladesh.

“We do hope that very soon we shall be able to present the service to freelancers and others.”

During last year’s US tour, Palak visited the PayPal head office and met its vice-president. At that time, he had said that discussions revolved round meeting infrastructural needs to ensure that Bangladesh could be put on their list.

PayPal is an e-commerce organisation through which money can be transferred through the internet using an electronic bank credit or debit card, PayPal cheques or by using virtual cash from Pay Pal accounts.

The government has been trying to introduce the service in Bangladesh since 2011.