Progoti Systems to launch mobile wallet Nobopay

Technology company Progoti Systems is set to launch its digital payment channel named “Nobopay” to make payments easier.

It has already obtained the Bangladesh Bank licence to work as a payment service provider (PSP) as per the Bangladesh Payment and Settlement Systems Regulations 2014. The central bank issued a notice in this regard on Wednesday.

Progoti Systems earlier had the central bank licence to work as a payment system operator (PSO). It had provided technical services for mobile financial services (MFS) of four banks, including Rupali Bank’s SureCash.

The company wanted to change its structure of service from PSO to PSP and applied to the central bank for a licence, said a high official of the bank.

The Bangladesh Bank then cancelled its PSO licence and awarded the PSP licence, he added.

“We will come on the market as soon as possible, but the date of commercial launch has not been fixed yet,” said Muhammad Awlad Hossain, head of growth and marketing of the company.

“We believe Nobopay will make a strong position in the e-wallet market,” he said.

He also said Nobopay’s vision was to play a role in building a cashless society in Bangladesh like the developed countries.

NoboPay users will be able to send money from one Nobopay wallet to another, send to and receive money in Nobopay wallet from friends and families, transfer balance, pay bills of various utility service providers, and add money from banks and cards, its website said.

The website also said sending money, cash-out, and bill pay services are free of cost.

Pathao, another tech-based company providing ridesharing, food delivery, courier, and e-commerce services, is also going to get the PSP licence. Pathao Pay will offer PSP services.

E-commerce platform Chaldal.com has applied for the PSP licence too.

Four companies – iPay Systems, D Money Bangladesh, Recursion Fintech, and Green and Red Technologies – have so far been issued the PSP licence in the country.

Launched in 2018, iPay Systems became an apparent trailblazer to improve activities in finance but ended up as a sinking venture within just three years.