Pathao Pay, a new PSP in the market

The tech-based start-up Pathao, which provides services in ridesharing, food delivery, courier and e-commerce, is about to start operating as a payment service provider (PSP) too.

Bangladesh Bank on Sunday provided a PSP licence to the fast-growing start-up. The name of the PSP is “Pathao Pay.”

Pathao received the no objection certificate (NOC) from the central bank in 2021.

“We are very pleased to see the circular regarding the issuance of a Payment Service Provider (PSP) license to Digital Payments Limited, a subsidiary of Pathao, to operate Pathao Pay, our digital payment wallet,” said Fahim Ahmed, managing director and CEO, Pathao.

“As we await the receipt of the documentation, we would like to extend our sincere gratitude to Bangladesh Bank for its continued support of our expansion into Fintech, and our effort towards making payments fast, easy, and accessible for consumers,” he added.

The growing tech company was founded in 2015 by Hussain M Elius, Shifat Adnan, and Fahim Saleh with the dream of making lives better.

Payment service providers give payments or process payments directly to customers and settle their transactions through a scheduled bank or financial institution such as an e-wallet, mobile wallet, etc.

At present, five PSPs are operating in the market - iPay Systems Ltd, D Money Bangladesh Ltd, Recursion FinTech Ltd, Green and Red Technologies Ltd and Progoti Systems Ltd.