Want to do Bangladesh market? These are the payment methods you must support

When expanding your business in Bangladesh, it's crucial to choose a channel that matches local payment habits. Here are the payment methods you must support and key recommendations:

I. Mainstream e-wallets (essential)

1. bKash(Market share 85%+)

• More than 60 million users, with an average daily transaction volume of 3 million transactions
• Need to integrate their enterprise API (fee 1.5-2.5%)
• Support code payment and mobile phone number transfer

2. Nagad(fastest growing)

• State-owned background, more than 50 million users
• Provision of 3D authentication payment programme
• Cross-border settlement cycle of only 3 working days

II. Mobile Banking Solutions

1. Rocket (DBBL)

   • Features: Support for small loan repayments
   • API response time <2 seconds

2. Upay(Union Bank)

   • B2B Large Transaction Advantages
   • Separate merchant level application required

III. Key points of bank card network access

It is recommended to interface with local acquirers (e.g. BRAC Bank) to reduce the rejection rate.

IV. Cash collection programme

1. OTC payments
   • bKash's Cash Out service covers 120,000 agent locations
   • Nagad partners with Post Office to offer collection services

2.Convenience Store Collections
Co-operation with convenience store chains such as ShurjoMukhi

V. Emerging trends
1.BNPL services::
-Dutch-Bangla Bank's EASY Pay instalment programme
-bKash's new Pay Later feature

2.Cross-border remittance corridor::
-WorldRemit direct connection to bKash account
-SureCash's Overseas Workers Only Portal

Implementation of recommendations:
1️⃣ Priority access to bKash Gold Partner qualification
2️⃣ Reserve USSD payment interface for rural users (*247#)
3. Use of aggregation gateways such as SSLCOMMERZ to reduce access costs

Compliance Note: From 2024 onwards, you will need to comply with the RBI's "Digital Payment Guidelines 3.0", with particular attention to the requirement for localised storage of user data.

Typical success story: the Daraz platform has led to a 371 TP3T increase in customer unit price and a 2,101 TP3T increase in rural orders through a combination of bKash + credit cards + OTC.

VI. Direct bank connection programme (a must for high net worth clients)

1. NPSB (National Payment Settlement System)

   • Applicable to large-value B2B transactions, with a single limit of 5 million BDT (approximately $45,000)
   • Merchant qualification to be filed with RBI
   • Clearing time T+1

2. EFTS (Electronic Funds Transfer System)

   • The preferred channel for corporate payroll
   • Support batch payment (maximum 1000 payments per day)

3. RTGS Real Time Gross Settlement

   • Suitable for high-value transactions such as real estate and bulk trading

VII. Rural and offline scenario solutions

*(1) USSD Non-Smartphone Payment (247#)

• bKash's USSD Menu Deeply Optimised: Payments in just 5 steps!
• Nagad Introduces Dialectal Voice Guidance

(2) Agent point cash recharge network

Proposed packaging of "zero fee cash recharge" campaign in rural areas

(3) MFI co-operation

• MFIs like ASA Finance can offer collection and payment services
• Grameenphone agents can be turned into mobile payment contacts

VIII. Industry customisation programme reference

1️⃣ E-commerce platform:
Required Combination = bKash + SSLCOMMERZ (Credit Card Aggregation) + Q-Cash instalments
Optimisation Tip: 2% Instant Cashback Voucher for bKash Users

2️⃣ SaaS Service Provider:
Adoption of Dutch-Bangla Bank's automatic debit APIs
Compliance focus: written user authorisation must be obtained (SMS validation is not valid)

3️⃣ educational organisation:
Support tuition fees with 3 interest-free instalments through Upay
Special requirements: generation of government-endorsed electronic receipts

4️⃣ cross-border trade:
Recommended Escrow Account Custody Services for HSBC Bangladesh
Alert: Bangladesh Customs requires all imports to be remitted through AD (Authorised Dealer) banks

IX. Guide to avoiding pitfalls in technology docking
🚨 Localisation of key parameters::

// bKash API Special Fields Example

{

  "trx_reference": "Must contain the abbreviation of the merchant's place of registration",

  "customer_mobile": "+88017XXXXXXXXXXXX",

  "amount_validation": "Need to submit the equivalent amount in Thai Baht at the same time (Central Bank AML rules)"

}

⚠️ Common Causes of Failure::

• Nagad interface timeout setting should be ≥15 seconds (high local network latency)
• Rocket Payment Callback IP Whitelisting Requires Inclusion of Alternate Servers

🔧 Disaster preparedness programme::
It is recommended to access two gateways at the same time, and automatically switch to Nagad when the bKash success rate is <85%

X. Policy windfalls in 2024
📌 New regulations coming into effect:
- Digital Wallet Monthly Transaction Cap Raised from 100,000 BDT to 250,000 BDT (Favourable for High-Customer-Per-Value Businesses)
- Mandatory biometric verification (fingerprint scanning added to KYC process)
- Foreign businesses are required to store at least 511 TP3T of transaction data on local servers

💡 Window of opportunity:
The Central Bank is piloting "cross-border QR code interconnection", prioritising the opening of trade corridors between China and Bangladesh, and supporting Alipay+/WeChat Pay and bKash scanning.

Need to discuss further industry-specific implementation options? For example, do you plan to launch e-commerce/gaming/corporate services? I can provide a more segmented strategy.