Digital payments can boost Bangladesh’s annual GDP by 1.7 per cent, an addition of US$6.2 billion (Tk 50,058 crores) annually to the economy, according to a new report by the United Nations-based Better Than Cash Alliance and its member, the Bangladesh government’s flagship program a2i.  Planning Minister MA Mannan in an online event officially launched two publications titled ‘National Digital Payments Roadmap, Bangladesh 2022-2025’ and ‘Measuring progress to scale: Responsible digital payments in Bangladesh’. According to the report, 53 per cent of the US$6.2 billion will come from digitizing just 30 per cent of micro-merchant transactions in the retail sector; 45 per cent from digitising credit disbursements in the agricultural sector; and the remaining from scaling digital wages in the informal ready-made garments (RMG) sector.  Responsible payments digitisation in these sectors, crucially prioritizing women, will help accelerate progress towards the Sustainable Development Goals by 2030.  The planning minister said digitisation can play a crucial role in country’s target to achieve the Sustainable Development Goals (SDGs) by 2030 and by 2041to transform into a fully developed state.  He said Bangladesh's economy has grown significantly in the last 13 years.  “We are moving forward towards being recognized as one of the top 25 economies in the world by 2035,” he said. “It is one of the main commitments of our government and we are working diligently to achieve this goal by building a cash-less society, leaving no one behind,” he said. READ: RMG workforce survey reveals seamless shift to digital payments a2i Policy Advisor Anir Chowdhury said that there are many areas where the country has already witnessed remarkable adoption of digital payments.  As digital payments ecosystem grows in scale and complexity, its dependence on infrastructure increases commensurately, he added.   “We are leaving no stone unturned to ensure that we build a reliable and inclusive digital infrastructure that will serve as the foundation on which digital payments and services can be built,” he said. Deputy Managing Director at the Better Than Cash Alliance Camilo Tellez said that Bangladesh has achieved remarkable progress towards the Digital Bangladesh vision.  He said that digital transactions have grown from 5 per cent to 20 per cent in 5 years – an impressive four-fold increase.  He mentioned that it has also withstood the impact of the pandemic by digitally delivering social safety payments, wages, and stimulus packages to citizens and industries. “We look forward to continuing our work with the leaders of Bangladesh to advance digital payments nationwide, particularly for women, and sharing lessons from Bangladesh with our global Alliance members.” Since joining the Better Than Cash Alliance in 2015, reports suggest that Bangladesh has made significant progress in moving towards a digital economy.  Based on the reports, the government has released the National Digital Payments Roadmap 2022-2025.  The roadmap identifies 22 solutions to build a safe, inter-operable and inclusive digital payments ecosystem over the next three years in the ready-made garment (RMG), retail, agriculture, health and education sectors.

Freelancers in Bangladesh will now be able to receive payments instantly to their bKash account from all over the world through Payoneer.  Payoneer, a US-based commerce technology company powering payments and growth for the new global economy; Brac Bank, a leading private commercial bank of Bangladesh; and bKash, Bangladesh's largest mobile financial services provider jointly launched the service through a virtual event on Thursday.  Zunaid Ahmed Palak , state minister for information and communication technology (ICT), inaugurated the service as the chief guest.  Read: Magnito Digital partners with bKash Russel T. Ahmed, President of BASIS; Rohit Kulkarni, Regional Senior Vice President of Payoneer and Robert Clarkson, Chief Revenue Officer of Payoneer; Selim R. F. Hussain, Managing Director & CEO of Brac Bank and Kamal Quadir, Chief Executive Officer of bKash along with senior officials of respective organizations also joined the event.  “I would like to thank bKash, Payoneer and BRAC Bank for making the process faster and secured for the freelancers," Palak said, adding that skilled human resources are their greatest strength.  He said aound 6,50,000 freelancers of the country have been contributing 16 percent to the world’s online outsourcing.  According to a study by Oxford Internet Institute, Bangladesh is the second largest destination for online outsourcing, Palak said. During last 13 years, 2 million young technology based employment have been created with various initiatives and policies of the government, and we are working for further expansion, he added.   “Bangladesh is a key growth market for Payoneer globally,” said Robert Clarkson, Chief Revenue Officer of Payoneer.  Clarkson said they have always believed in the incredible potential of Bangladeshi entrepreneurs and this partnership with bKash highlights their commitment to invest in and provide the best solutions for our local customers.  "Our mission is to be a partner of growth for digital businesses of all sizes, from all corners of the world. We are thrilled to team up with local leaders like bKash and BRAC Bank to empower Bangladeshi freelancers to expand their economic opportunities.”  Selim R. F. Hussain, Managing Director and CEO of BRAC Bank, said they are delighted to be a partner of bKash and Payoneer in bringing earnings of the freelancers directly and instantly to bKash account.  "This service will give comfort and convenience to the freelancing professionals and enhance remittance inflow to the country in legal channel. Together we can play an enabling role in making Bangladesh a global freelancing hub and boost foreign exchange earnings.”  Kamal Quadir, CEO of bKash, said rding on the expanding digital infrastructure of Bangladesh, there is ample opportunity to take the country's freelancing sector to a stronger position in the global market.  "The easy method of getting payments in their bKash accounts through a regulated process will remove one of the key pain points of freelancers, which is to conveniently receive payment from their clients. This will surely encourage more people to start freelancing as well as help the existing ones dedicate more time and attention to their tasks.” The 24/7 real-time payment service will bring more dynamism to the thriving freelancing sector and accelerate the flow of remittance through legal channels to the country. As per the Oxford Internet Institute’s Online Labor Index, Bangladesh is a global powerhouse when it comes to ICT freelancing services.  Hundreds of thousands of Bangladeshi freelancers are currently providing services in this sector worldwide. They are adding hundreds of millions of dollars a year in foreign exchange to the country's economy. Bangladesh is one of the top income generating sources from freelancing in the world. With this new service tailored for local freelancers, bKash customers will be able to easily register a new Payoneer account, or link their existing account from the ‘Remittance’ icon of the bKash app.  Once linked, freelancers can check their Payoneer account balance, and instantly bring their payments to their bKash accounts.  These funds can be used for any purpose including ‘Send Money’ to other bKash accounts, ‘Pay Bill’, ‘Payment’ of shopping, ‘Cash Out’, etc.  Read: bKash to disburse Hindu Religious Welfare Trust allowances Freelancers from every corner of the country no longer need to wait to receive remittance payments, addressing a key challenge to growth for these workers.  BRAC Bank will play a pivotal role in this service as the foreign currency management and international fund settlement bank, bKash said. On the occasion of this launch, customers receiving the highest amount of payment each day will be given a mobile phone starting from February 10-16, 2022.  A customer can receive this prize only once during the campaign.  To be eligible, the amount of money coming from Payoneer to the bKash account should be more than Tk 15,000 in one or more transactions.  The prizes will be handed over to the winners at the end of the campaign.  In addition, bKash is offering 2% instant cashback on every Payoneer transaction from February 10 to March 10, 2022.