The future of mobile payment technology in Bangladesh

A world without mobile devices is now unimaginable, and the financial industry is no exception. For all of us, it is impossible to ignore the enormity of digital advancements that have invaded many facets of our everyday lives since the pandemic era. Due to the hike in QR payments, contactless payments, mobile wallets, and payment through mobile will be a common scenario More and more eCommerce, fintech, and payment institutions are responding to this demand by providing a variety of new mobile payment trends and solutions to maintain their own growth. Businesses are investing in strategies that enable quick, secure, customized, and simple mobile payments. Bangladesh is no exception from the rest of the world when it comes to the growing trend of mobile payment technology. As we see the constant use of mobile payment options like bKash, and Nagad in everyone’s day-to-day life, it can be undoubtedly said that the future of mobile payment technology in Bangladesh is prominent and bright.
Mobile payment trends in Bangladesh

Mobile payment trends in Bangladesh

  1. bKash

A project of BRAC Bank Ltd is bKash. It is unquestionably the most popular method of online payment and money transfer in our country. It has grown to be so well-liked because of its ease of use, convenience, and widespread availability around the country. Recently, bKash created its first mobile app for smartphones. Both the iOS and Android operating systems support downloading the app. It has accelerated the speed and added a new dimension to the online transaction system. The app cannot be used without a bKash account. At your nearby bKash agent, you can always open an account by using your phone number. With the bKash app, you can buy mobile phone airtime, send money to another bKash wallet, receive or request money, and make payments at shops. Most reputable online retailers accept bKash as a option.
  1. Nagad

In Bangladesh right now, Nagad is among the most widely used digital wallets. In addition, Nagad is Bangladesh’s second unicorn business after bKash. The Bangladesh Post Office launched this unique and promising digital finance service in 2019. It has an incredibly user-friendly app that is available on both the Play Store and the App Store. It’s not too difficult to create an account on the app. Customers who used feature phones were able to simply open a Nagad Account because of Nagad’s ground-breaking invention of dialing *167# to open an account. Nagad began by offering popular services including mobile recharge, sending money, cash-in, and cash-out. Currently, there are more widely used services available, like bill payment and e-commerce payment gateways. Nagad payments are accepted by almost all online retailers and services. It’s incredibly convenient and offers a wonderful user experience, so you may opt to use it as your mobile wallet at any time.
  1. Easy Merchant

For the first time ever, Easy Merchant app’s Bangla QR allows retailers to accept digital payments without a physical point of sale. They can use it to manage their funds online as well. With Top Up, you can make additional money. Additionally, paying bills and school fees payment options will be enabled in the Easy merchant app. Easy Merchant is a cutting-edge app that focuses on addressing the issues that merchants face on a daily basis, such as keeping track of their sales and dues. Additionally, it will enable retailers to handle their accounts digitally and save time. Iwill also give businesses new ways to make money by enabling them to pay for customers’ utility bills, top up their phones, and pay for their college tuition in exchange for a commission.
  1. Rocket

A project of Dutch Bangla Bank Ltd is called Rocket. At any Rocket agent or office of Dutch Bangla Bank, you can simply open a Rocket account with your phone number. You can conduct numerous online transactions simultaneously with a Rocket account. Using this payment method, you can pay your invoices to various organizations. Additionally, if you purchase something from a Dutch Bangla Bank authorized merchant, you can use your Rocket account to pay the retailer for the item.

The future of mobile payment

  1. QR Payment

A QR code is scanned from a mobile app to complete a transaction using the contactless QR code payment method. This serves as an alternative to employing a payment terminal to conduct an electronic money transfer at the point of sale. All of the services offered by the Easy Merchant App are free for users, and users can accept digital payments using a Bangla QR code without the use of a POS device. Being touchless, QR payments are secure for both you and your clients.
  1. Buy Now, Pay Later

Users currently prioritize the convenience of payment methods and spending freedom in addition to the speed and ease of mobile payments. Retailers are implementing the buy now, pay later (BNPL) trend in response to this increased demand. This payment option gives customers the choice to split the entire order into smaller instalments over a specified period once the payment has been made (months or years). In addition to the obvious benefits to customers, employing flexible payment alternatives can help businesses enhance their conversion rates since BNPL can average order values. Digital users are benefiting from BNPL regulation, especially with less stable finances. For its most valued Pathao Food customers, the digital services platform Pathao has unveiled a new Buy Now, Pay Later (BNPL) function. The functionality allows a user to pay later and this is available to a selected group of Pathao food users.
  1. Personal payment apps

Personal payment applications, often known as P2P, or peer-to-peer payment apps, are also growing in popularity among online users in addition to digital wallets. These services are apps or app functions that let users send money to others by looking up their contact information, such as their phone number, email address, or username.
  1. Mobile wallets

Apps known as digital wallets interact with POS systems to complete transactions. These apps can be kept on a user’s phone, which is also where the credit card data is kept. The three most popular digital wallets on the market at the present are Google and The benefit of digital wallets is that they are secure and difficult to hack thanks to security precautions like tokenization. A company that chooses to accept payments using digital wallets will increase consumer satisfaction and make the most of an already-existing channel to encourage user involvement.

Payment gateways in the future of mobile payment

Channel convergence is being driven by smartphones and other portable devices as more people choose to browse, study, and buy things on their phones both in-store and online. Payment gateways are becoming more and more crucial to the architecture of payments in this situation. T for online shopping carts, point-of-sale systems, and virtual terminals to link to the payment process. Without payment gateways, all of the mobile payment apps and methods would cease to function as the payment gateway is the ultimate backbone of online payments. Thus, the future of mobile payments heavily depends on payment gateways.

Final words

Future trends in mobile payments are interesting. We anticipate that mobile payment option will overtake these technologies as super apps, blockchain, and artificial intelligence dominate futurist predictions. The mobile payments sector is flooded with opportunities. The emergence of new product categories is anticipated, and technology has the potential to enhance mobile payments by delivering services that are less expensive, quicker, and more transparent.