Bangladesh Payments Eco-Map: Key Platforms and Partners

Below is an overview of the payments ecosystem in Bangladesh, including the major payments platforms, financial institutions, regulators and key partners:

1. Regulatory institutions and policy frameworks

• Bangladesh Bank (BB)
  Core regulators, promoting digital payments (e.g. MFS licensing), developing AML policies.
• Information Communication Technology Division (ICT Division)
  Support the development of fintech infrastructure.

2. Mainstream payment platforms

(1) Mobile Financial Services (MFS)

• bKash
  • market share: Largest MFS provider (over 70 million users), backed by BRAC Bank.
  • functionality: P2P transfers, bill payments, payroll, international money transfers (with Western Union).
• Nagad
  • contexts: Joint venture between the state-owned postal service and the Ministry of Finance, which is growing rapidly.
  • blaze new trailsLow commission, "digital mailbox" account opening system.
• Rocket (DBBL)
  Operated by Dutch-Bangla Bank, it specialises in corporate payments and cross-border transactions.

(2) E-wallets and banking apps

• Upay (UCB Bank) / Tap & Pay (Standard Chartered)
  Bank-based e-wallet with NFC near-field payment integration.
• SureCash
  Dedicated platform for the distribution of government benefits.

(3) Kaki Payment Network

• PSP (Payment System Providers)::
  • Q-Cash (UnionBank Network)
  • NexusPay
    Support ATM/POS inter-bank transactions.

3. Payment participants from banks and financial institutions

(1) Commercial bank-led payment programmes

• Dutch-Bangla Bank (DBBL)

  • blaze new trails: First in Bangladesh to launch mobile banking (Rocket), contact debit cards.
  • collaborative: Issues international cards in co-operation with Visa/Mastercard.

• BRAC Bank

  • bKash's main support bank, which provides clearing and liquidity management.

• Islami Bank Bangladesh
  Islamic finance-compliant payment programmes (e.g., the MFS service "mCash").

(2) Role of foreign banks

• Standard Chartered / HSBC / Citi Bangladesh
  It focuses on serving enterprises in cross-border payment and foreign exchange settlement, and promotes the pilot of API Open Bank.

4. Key partners and technology providers

(1) International payment network access

• Visa / Mastercard / UnionPay International
  Local banks issue debit/credit cards through their networks to support online cross-border transactions.
• SWIFT & SEPA Gateway
  Businesses rely on central bank SWIFT channels for large cross-border transfers.

(2) Fintech Technology Enablers

• this locality::

  • SSL Wireless:
    Provides aggregated payment gateways (covering bKash/Nagad/Bankcard) that are widely integrated by e-commerce companies.
  • AamarPay:
    Online collection solution for SMEs with instalment support.

• global::

  • Alipay+ / WeChat Pay:
    Some tourist merchants are connected to Chinese tourists' payments (e.g. Dhaka Airport Duty Free).

    (Note: limited popularity due to exchange control restrictions)

5. Emerging trends and challenges

If a more in-depth analysis of a particular area is required (e.g. the impact of policy on MFS rates or the business model of a specific platform), the discussion can be developed further!