Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
Google’s digital service platform Google Wallet—commonly known as “Google Pay”—has been officially launched in Bangladesh for the first time.
The service is being introduced in partnership with tech giant Google by City Bank, a leading institution in the country’s private sector.
Bangladesh Bank Governor Ahsan H Mansur inaugurated the service at The Westin Hotel in Dhaka’s Gulshan on Tuesday,
The City Bank launched the digital payment service in collaboration with Google, Mastercard, and Visa.
From now on, the bank’s customers can use the service with their debit and credit cards. By linking their Mastercard or Visa card to Google Wallet, users will be able to make fast, secure, and contactless payments using Google Pay.
The service will also offer seamless transactions at any Near Field Communication, or NFC-enabled point-of-sale (POS) terminal, both domestically and internationally, simply by tapping their Android phones.
Google Pay utilises advanced encryption technology to ensure the security of users' data. There is no need to carry a separate plastic card. Google Pay can be used for everything—from air travel to daily purchases.
The inauguration event was graced by Mansur as the chief guest. Special guests included Tracey Ann Jacobson, chargé d’affaires at the US Embassy, Hossain Khaled, vice chairman of City Bank, and the bank’s Managing Director and CEO Mashrur Arefin.
"We welcome Google Pay to Bangladesh,” Governor Mansur said, expressing the hope that Bangladesh will become a trusted destination for both local and foreign investors.
“The idea that foreign investors will just take our money and leave is a misconception, he added.
He emphasised the need for improvements in technology and management within the country. “If foreign companies operate the Chattogram Port for 10 to 20 years and later hand it back, we would benefit from the skills gained and could run ports in other countries. Believing we can do everything solely with our current technology is unrealistic.”
The governor views Google Pay as part of the broader goal of financial inclusion. He stressed the importance of connecting every Bangladeshi with the banking and financial sector, and mentioned that he has directed banks to work with schools to help achieve this.
He added that regulatory changes have been made to reduce non-performing loans, aligning with international standards. Efforts are being made to restore discipline in the banking sector to prevent past missteps from recurring.
Controlling inflation is a major priority for Bangladesh Bank, according to Mansur. He believes progress is being made and that it is possible to bring inflation below five percent.
He also noted that efforts are ongoing to maintain financial stability and that depositors are being guaranteed full protection.
City Bank MD and CEO Mashrur said, “This partnership reflects our commitment to building a forward-looking digital payment ecosystem in Bangladesh. We are proud to introduce this innovative service for our customers.”