The authorities of Islamic University in Kushtia launched an e-payment service for the students of the university with a view to simplifying transactions for them. Read: 5 injured in BCL factional clash at Islamic University IU vice-chancellor Professor Shaikh Abdus Salam inaugurated the e-payment service at an e-payment application launching ceremony as chief guest, a press release issued by IU information, publication and public relations office deputy director Rajibul Islam on Saturday (November 25, 2023). The service will allow the students to pay all sorts of fees, including admission, examination, and residential hall fees, online without having to go to the bank. Read: Islamic University and Edith Cowan University to undertake joint academic, research activities  Through the e-payment service software of Agrani Bank, students will be able to pay money through bKash, Nagad, and Rocket using their ID. This service will be available to all students from the 2017-18 academic session of the university. The online banking service will be a convenient and efficient way for students to pay their fees, IU acting registrar HM Ali Hasan said that the e-payment service would save students time and hassle. Read: Islamic University officials continue work abstention for 2nd day  It would also help to reduce the number of people visiting banks. The service was expected to be well-received by students, he added.

Prime Minister Sheikh Hasina on Wednesday (November 01, 2023) launched local currency card Taka Pay to reduce dependency on international card schemes like Visa and Mastercard and save much-needed US dollars. Bangladesh Bank introduced the card, first of its kind in the country. PM Hasina inaugurated the card from her official residence Ganabhaban. She was connected virtually with the headquarters of state-owned Sonali Bank, private City Bank and Brac Bank. The three banks have been given responsibility to issue the Taka Pay card in collaboration with the central bank. 'Taka Pay' will provide the same service nationally through the use of 'The National Payment Switch of Bangladesh', an electronic payment platform operated by the BB. Initially, the card can be used within the country. Later the central bank will introduce Taka-Rupee card which can be used for shopping in neighbouring India. Electronic transfer of taka is done through Visa and MasterCard payment networks of business institutions including banks and other financial institutions. These entities offer branded payment processing services for credit, debit, and prepaid cards. Domestic card 'Taka Pay' will provide the same service, the BB sources said. It can be used abroad once foreign banks and institutions partner with the platform. It will reduce the cost of foreign exchange. Because foreign companies have to spend a lot of money on service charges. From the beginning, this card can be used at all ATMs, points of sales and online platforms in the country. PM Hasina to launch 'Taka Pay' card Tuesday: BB Initially it will be used as a debit card but in the future Taka Pay credit card will also come. Magnetic strip is used for security of this card. But now the new EMV technology with added security has been introduced in all bank cards. Gradually Taka Pay card will also be introduced with EMV technology. Paris-based consultancy Fime developed the card. Bangladesh’s neighboring countries also have their currency cards. India has card 'Rupee', Pakistan 'Pakpay', Sri Lanka 'Lonkapay'. Saudi Arabia has 'Mada'. Election will be on time, BNP can’t stop it, says PM Hasina at press conference At the outset, a video documentary on the Taka Pay was screened. Two freedom fighter customers of Sonali Bank withdrew money from City Bank's ATM using Taka Pay Card. Central bank governor Abdur Rauf Talukder was present among others at Ganabhaban. Prime Minister's Principal Secretary M Tofazzel Hossain Miah moderated the function, while BB Governor Abdur Rouf Talukder delivered welcome address. BB Executive Director Mezbaul Haque presented different aspects of the national card scheme “TakaPay”.Sonali Bank Managing Director Afzal Karim, Brac Bank Managing Director Selim RF Hossain and City Bank Managing Director Mashrur Arefin at their offices demonstrated the usage of TakaPay card, online payment and withdrawal of money from ATM where the users received the services. PM Hasina describes as successful her visit to Belgium for Global Gateway Forum

In Bangladesh, the digital payment methods are getting enhanced popularity day by day. As the country is moving towards a high internet penetration rate, now-a-days a good number of people prefer the internet banking to traditional offline banking system. This process has been accelerated by the rapid adoption of digital transfer and payment gateways in most of the leading stores and businesses in Bangladesh. The popularity of digital payment can be attributed to its user-friendly application, fast transaction, security, etc. In this article, we have discussed some of the best online payment gateways in Bangladesh. Top 10 online payment gateways in Bangladesh SSLCOMMERZ Founded in 2010, SSLCOMMERZ is the oldest and also the largest digital payment gateway of Bangladesh. The initial plan of the company was drafted back in 2008 and it officially started its journey with DBBL in 2010 and BRAC Bank in 2011. Since then, the company has provided payment solutions for a range of businesses including banks and corporates. The initial setup cost of SSLCOMMERZ is 15000 BDT. The internet banking commission rate stands at 2.5% for Visa and Mastercard and ranges from 2%-4% for various types of internet and mobile banking transactions. The platform is fully compliant with PCI and DSS and doesn’t collect any information that the customer doesn't give explicit access to. Read Digital Currency: Benefits and Risks of the Cashless Economy in Bangladesh PortWallet The PortWallet gateway is one of the fastest and smoothest payment gateways in Bangladesh. The platform is one of the only to have an inbuilt API system and different internal process channels. They have 2 different services, Starter and Business which costs an initial fee of 5000 BDT and 20,000 BDT. Other than that, the annual fee for a business solution is 24,000 BDT. However, the commission rate is on the high side with 3.5 % t0 3.8% on credit and debit cards and 2.5% to 3% for net banking. But the upside here is that there is no charge if you need to issue a refund. Due to its secure API integration, the platform offers the most secured system that is compliant with the PCI and DSS system. READ: Mango Mania: The Fastest on Demand Mango Delivery Network by Chaldal.com Aamarpay Another local company in the payment gateway of Bangladesh, Aamarpay has been leading the platform due to its low commission rates and high-performance service. The company has four different plans – aamar SME, aamar B2b, aamar Enterprise and aamar Corporate. Depending on the plan you choose, the initial setup fee ranges from 4000 BDT to 15,000 BDT. In addition to that, Aamarpay has a host of API that makes your transactions secure with proper safety measures. Read Fintech MFS: Best Mobile Financial Services in Bangladesh Shurjapay Shurjapay is one of the first PSO license recipients by Bangladesh Bank. The company operates with both customers and merchants to provide a secure transaction gateway. Shurjapay has a sign-up fee and integration fee which totals to 20,000 BDT for corporate and 15,000 BDT for the education platforms. The charge is a bit high compared to the other players in the market but, there is no annual maintenance fee involved. They charge a flat 2.5% for corporate cards and 1.5% for education. The net banking charge for corporate is 3.5% and 2% for education. They also have a multi-level verification process which makes the transaction more secure than ever. Read Visa’s Fintech Initiative for Bangladesh: New Opportunities for Start-ups? Paddle Another prominent payment gateway that operates globally is Paddle. They work with both B2B and B2C. They work exclusively on SaaS making them a comprehensive player in the global transaction market. The best thing about Paddle is that there is no sign-up fee and neither are there any monthly charges. A certain percentage of the transaction is deducted as commission and other than that, there are no additional fees. You will however need a VAT and sales tax document to sign up with the platform. Read The SWAP story of Bangladesh's first reCommerce startup Easy Pay Way Easy Pay Way is the most flexible plan when it comes to pricing for different businesses. To start, they have 4 different plans for Basic, Starter, Professional, and Corporate. The setup charge ranges from 5,000 BDT to 20,000 BDT. For the corporate package, the commission is on quote meaning you will be able to get a flexible rate depending on your transaction. Easy Pay Way also incorporates several features that are otherwise not seen in other ventures. They have dedicated risk validation, auto verification, payment validation as well as courier API to make your transaction more secure driving away any kind of fraudulent activity. Read bKash customers can now add money from 29 banks, Visa, Mastercard 2Checkout 2Checkout offers multiple solutions for businesses. Not only are they one of the leading payment gateway, but they also offer a seamless global transaction with high revenue generation. You do not need any sign-up or annual fee to use this platform. The commission rate on the platform is also moderate with a 3.9% charge and a cross-country fee of 1.5%. You will need to have a valid trade license along with VAT certification to sign up with the platform. They use all the established shield framework and refund requests are honored for up to 30 days. Read FinTech gets BB nod to provide e-wallet service Fast Spring Fast Spring is one of the most reliable payment gateways when it comes to international transactions. If your business receives money from a foreign country, you can easily set up this gateway. The best thing about Fast Spring is that there is no long-term contract involved with it. There is no signup fee as well as no commitment involved. The commission rate is determined based on the transaction limit with an 8.9% commission plus 0.75$ as a minimum and 5.9% and 0.95$ as max. The refund fee is stated at 5$. You will need a host of verification documents like GST, Driving License, and VAT registration number to sign up with them. Read Nagad lauds rise in social safety net allocation Stripe Though you can operate on this platform for Bangladesh, you will need to have a foreign company registration to qualify to use this platform. They offer both, a payment gateway and payment processing. Unlike other foreign transaction and remit platforms, they do not have a singular commission rate. You can expect a 2.9% on credit and debit cards. 1% on currency conve4rsiona and instant payments with 3.9% for international sales. You will need to have documents complying with the country of origin of the business to be compliant with the platform. Read bKash offers 1 pc cash bonus on receiving remittance Paypal One of the most notable platforms for B2C transactions across the globe is Paypal. Unfortunately, the service is not available in Bangladesh unless you have a foreign company registration. The unique aspect of Paypal is that they offer peer-to-peer transactions that are not available on other platforms. There are several commission-structure based on the type of transaction. You can expect around 2.9% plus 30 cents on the online transaction, 2% on border cross, and 5.0% (domestic) to 5.50% (Cross-border) on micro pricing. To sign up with Paypal, all you will need is a valid address identification. The company is fully PCI compliant so you don’t have to worry about your data. Read Regional financial intuitions' leaders praise Nagad's PPP model Bottom Line The payment gateway platform in Bangladesh is diverse with many key players across the board. Some of them are fully focused on domestic transactions, while others focus on foreign transactions as well. Regardless of the field of operations, the companies we mentioned here are some of most popular online payment gateways in Bangladesh. The stated commission rates are subjected to change depending upon respective company policies. Read Shammi Quddus: A Talented Bangladeshi Woman in Google, Global Fintech Industry