Bangladesh will knock down the barriers to online money transfer ‘very soon’, Finance Minister AMA Muhith has said.
Published : 30 Jul 2016, 04:34 AM
“Many e-payment and e-receipt systems, including foreign ones, exist in the country,” he told a programme in Dhaka on Friday.
“But many of us may not know about them. The obstacles in the e-payment sector are going away very soon,” he said.
“PayPal had shown interest (to start business in Bangladesh), but later backed off. They have renewed interest.
“I think we will be able to make the system simpler. It will be done widely through PayPal, I believe,” he added.
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 recently said PayPal had responded with positive indications to a proposal made to sign an MoU for its debut in August.
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.