Home ›› 13 Mar 2022 ›› Front
Six new tech-based entities are all set to enter the e-payment gateway, a big boost in the FinTech industry to make a cashless society.
With the new six, the number of payment system operators in the country is going to be 12.
The new entities are -- Optimum Solution BD Ltd, Circle FinTech Ltd, Fingerprint Information Technology Ltd, Service Hub, DG e-pay (white label POS) and Paperless.
The six technology companies have already got No Objection Certificate (NOC) from the Bangladesh Bank as payment system operators to facilitate payment or payment processes directly to the customers, as per the officials of the central bank.
They obtained the NOCs between November, 2021 and February this year. Each firm must have a minimum paid-up capital of Tk 50 lakh.
They are in the final stage to operate their business. When a business entity applies to the central bank for permission as Payment Service Operator (PSO), it has to submit business concept and related documents to the Payment System Department of the Bangladesh Bank.
Then the central bank issues the NOC if it is satisfied after reviewing related documents and business certificates of the entity, as per the BB’s regulation.
“A final approval is available only if the business organisation implements its technical infrastructure as the PSO,” according to the rule.
Sources at the BB said the operators concerned will require around one year to have final approval from the central bank.
At present, six payment system operators licensed by the BB are in operation in the country. They are IT Consultants Ltd, SSL Commerz Ltd, Shurjomukhi Ltd, Portonics Ltd, Walletmix Ltd and Soft Tech Innovation Ltd.
Walletmix Ltd and Soft Tech Innovation Ltd got the central bank licence last month.
Besides, seven banks are involved in the payment gateway services too. They are The City Bank, Eastern Bank, Dutch-Bangla Bank, BRAC, Southeast, Mutual Trust Bank and UCBL.
Payment gateway is a medium through which people transact money online and it works to complete payments at that time with debit cards and credit cards when people make payments somewhere online, said a high official of the central bank’s Payment System Department.
He said the e-payment gateway sector is growing pace with the increasing demand of online payment or card payment.
Recently, the central bank found some rogue online payment system operators that had no central bank approval.
The BB found those platforms after a dozen of controversial e-commerce platforms came under the government scanner. Most of them were involved in the controversial e-commerce transaction, which prompted the BB to take action against the illegal online payment gateways.
As part of the move, the BB last year suspended the operation of Foster Payment and Paysenz Ltd.
The central bank’s strict action prompted the illegal online payment gateways to apply to BB for licence.
Paperless Ltd got the central bank’s NOC on February 20 as a payment system operator. Its Managing Director Nazrul Islam told The Business Post, “We prepared to run our operation as a payment system operator to facilitate payment.”
“Now we are waiting to get the final approval from the Bangladesh Bank.”
Optimum Solution BD Ltd is also set to run its operation as a payment system operator, said its Managing Director Md Shah Alam.
Optimum Solution, an IT-based company, has officially been operating since 2009, according to its website.
SSL Commerz Ltd is already in the e-payment gateway sector and now the entity is going to secure a licence from the central bank.
The payment gateway aggregator is working to acquire merchant accounts for Bangla QR in collaboration with banks and card network partners after taking approval from the central bank, said a high official of SSL Commerz Ltd.
He said vendors can easily avail a Bangla QR unique code if they have a bank account or a mobile financial service personal retail account. DG e-pay is another entity that recently got the central bank’s NOC for a white label POS – a system that aims to keep internal and external brand identities secure.
