What are the most popular payment apps used by Bangladeshis?

In Bangladesh, mobile payments and digital financial services have grown rapidly in recent years, and the following are the most commonly used payment apps and their features:

1. bKash

  • lead position: Accounts for about 80% of the mobile payment market in Bangladesh.
  • functionality::
    • P2P transfers, phone top-ups, bill payments (utilities, etc.).
    • Merchant code payment, online shopping payment.
    • Support for unbanked users to top up via proxy point cash.
  • user basis: Over 70 million registered users (2023 data), covering both urban and rural areas.

2. Nagad

  • Background Advantages: A joint venture between the Bangladesh Postal Department and a private company with government endorsement.
  • Innovative services::
    • "Digital Nagad" prepaid accounts can be opened with just a mobile phone number + biometrics.
    • Integration of government services such as social security subsidy payments and tuition payments.
  • rapid growth: 60 million users in 3 years at rates lower than bKash.

3. Rocket (DBBL Mobile Banking)

  • Bank-based products: Operated by Dutch-Bangla Bank.
    -Features:
    ATM cardless cash withdrawals, cross-border remittance receipts (especially from Middle Eastern countries).
    Religious Scenario Application: Zakat Calculation and Donation Function.

4. Other important platforms

  • Upay: Under BRAC Bank, focusing on B2B payments for SMEs
  • Tap & Pay: NFC Near Field Payment Technology Pioneer
  • SureCash: Sharia-compliant fintech platform

regulatory framework
All platforms are required to obtain a PSP (Payment Service Provider) licence from Bangladesh Bank and are subject to the Digital Transactions Act 2011.

Trend Watch: QR Code Standard Harmonisation Accelerates from 2023, 'Bangla QR' Connectivity is Changing the Market Landscape.

In-Depth Analysis of Bangladesh Payment App Market (cont'd)

5. Emerging challengers and niche players

(go ahead and do it) without hesitating bKash, Nagad, Rocket dominate, but the following emerging platforms are expanding in specific areas:

  • OK Wallet (OneBank)

    • Launched by One Bank Limited, it specialises in corporate payroll and cross-border remittances.
    • Co-operate with Alipay to support China-Bangladesh trade settlement (mainly for Chinese merchants).

  • mCash (Mercantile Bank)

    • Focus on integrated services for micro and small business loans + payments.
    • The "Pay Later" feature allows vendors to purchase goods on credit for a short period of time.

  • Islamic Finance Compliance Platform(e.g. SureCash, Islamic Wallet)
    Provide Sharia-compliant financial services: interest-free savings, automatic zakat calculation, etc.

6. Standardisation process for QR payments ("Bangla QR")

2022 Bangladesh central bank enforces unified QR code standard to break ecological fragmentation:

  • bKash/Nagad etc. must be compatible with Bangla QR for cross-platform scanning payments.
  • affect (usually adversely): Small merchants don't need to post multiple QR codes, but the closed-loop advantage of the head platforms is weakened.

7. The "Super App" trend - from payments to ecological expansion

The local giant is upgrading its payment apps into integrated service platforms:
| App | New Service Direction | Partner Case |
|———–|—————————|————————–|
| bKash | BNPL (Buy Now Pay Later), Insurance Sales | Daraz E-commerce, Pran Foods |
| Nagad | Digital Bank Account (Nagad Account) | Government Pension Payment |
| Rocket | Education Loans + Tuition Instalments | National University Payment System |

8. Competitive landscape of cross-border payments

  1. Inbound remittances(Overseas labour remittances).

    • Rocket has 40% market share (dependent on Middle East corridor).
    • bKash adds UAE Exchange partner channel to reduce fees.

  2. China Related Scenarios:
    OK Wallet supports RMB exchange; WeChat/Alipay has limited penetration in Chinese shopping areas.

9. Regulatory developments and future challenges

  1. Anti-Money Laundering (AML) Tightening:  
    The requirement to bind NIDs (National Identity Cards) for all transactions from 2023 has led to the loss of some users in rural areas to cash transactions.

2.Digital Currency Pilot:  
RBI plans to test CBDC wholesale end applications in 2024, could hit correspondent banking model.

3.profitability dilemma:  
Most platforms still rely on transfer fees (<1%), and the ability to realise value-added services is yet to be proven.

▶️ Key Findings:

✅ Head to Top 3 (bKash/Nagad/Rocket) is difficult to be subverted in the short term, but the differentiated competition in the sub-scene intensified;
✅ Regulatory changes (Bangla QR/NID bindings) continue to reshape the market landscape;
✅Whether it can break through the pure payment business and build the second growth curve of credit/e-commerce will determine the next stage of victory or defeat.