5. INTRODUCTION
Banks and telecom operators urged the
government to immediately create an
integrated platform enabling them to access
the national identity database for checking the
authenticity of information. Mobile operators
have to follow a similar process as banks
when signing on new customers, so there is an
urgent need to set up a common platform
where the legitimacy of information,
photograph, and national identity card (NID)
can be varied.
6. OBJECTIVES
The main objective of the roundtable is to create a
new opportunity in support of the electronic
payment system in Bangladesh through mobile
banking, to reduce the transfer cost of money.
M Manjur Mahmud, director and chief operating
officer of DataSoft, stressed the need for reducing
the cost of transferring money from one place to
another. He said, “The cost of sending money from
place A to B in the country is still expensive. For
instance, in Latvia, cost of sending money is less
than one paisa.”
8. WHY ELECTRONIC PAYMENT
SYSTEM?
Electronic Payment System(EPS) is a subset of
an e-commerce transaction to include
electronic payment for buying and selling
goods or services offered through the Internet.
Reduces the cost of transferring money
Security & reliability
Traceability & trustworthy
Low financial risks and
User friendly features.
9. OPPORTUNITIES
The wider use of cash in-cash out
Salary disbursement
Utility bill payment through mobile
banking platform.
Cost of sending money through mobile
banking is one of the lowest in the
world. For example, bKash charges 1.8
percent of the total remitted amount.
11. GUIDELINES
As per law, the Election Commission can share the
NID database to only government agencies, said
Debdulal Roy, deputy general manager of
Bangladesh Bank, adding that the Central Bank is
using the NID database for anti-money laundering
and counter-terrorist financing. Provided the
Election Commission changes the law and gives
permission to the central bank, Bangladesh Bank
will open a portal to share NID data with private
banks and non-banking financial institution. In that
case, Bangladesh Bank will behave like a service
provider and not a regulator.
12. CONCLUSION
The practice of electronic fund transfer
(Bangladesh Electronic Fund Transfer Network) is
growing in the country, it is not growing at the
expected rate due to lack of awareness, despite the
system's full-proof security. Also the share of cash
and e-payment is going up due to higher economic
growth. The central bank is set to allow PayPal to
operate in the country, important to foster
international transaction. In this regard, they need
proper coordination between the central bank and
BTRC for further development of mobile financial
services.
