bKash App: A Nifty Solution to Manage Personal Finance

In an age where smartphone is deeply embedded in everyday life, managing personal finances has moved from clunky ledgers and bank visits to the palm of hands. The digital transactions, spearheaded mostly by mobile money apps globally, is reshaping how we handle our money, offering seamless and integrated platform to track expenses, set savings plans, apply for loans, and manage a myriad of daily transactions. From paying bills with a tap to making payments on the go, these apps are not just a convenience but a new way of life, empowering individuals to take full control of their financial well-being with unprecedented ease and real-time insights.

In Bangladesh, mobile financial services (MFS) providers like bKash, has democratised cashless transactions by ensuring access to finance for all, especially unbanked and underbanked population in rural and hard-to-reach areas, where traditional banking is either absent or limited. Keeping financial inclusion in its DNA, bKash has become the go to app with more than 81 million registered verified users, remarkably serving every family in the country as well as covering about 1.0 percent of the global population. This astonishing reach gives food for thought-- how bKash app becomes a top choice for millions of Bangladeshis to manage daily transactions?

All Necessary Financial Tools in One Place: Established in 2011, bKash started operating with simple services like send money, cash in, cash out, mobile recharge etc. As the company progressed ahead, an array of financial products and services have been added to the app including-utility bill payment, merchant payment at online or offline shops, donating to humanitarian cause, receiving remittance, paying instalment of NGOs, insurance premium, education fees, government fees, tolls, etc. Customers can even avail services like savings and loan of banks and non-bank financial institutions (NBFIs) through the bKash app. With the privilege of having all the necessary financial products and services in one spot, bKash app gradually became the go to app in Bangladesh.

Democratisation of Digital Payment: Be it a small grocery store or a well-known brand shop - the opportunity to make bKash payment by scanning QR at nearly 1.0 million merchants, large and small, across the country has made digital payments accessible to everyone. The convenience of fast and secure cashless payments everywhere has been playing significant role in bringing behavioural shift among customers to get used to in digital payments.

Simplifying Transactions for Businesses: Many businesses now prefer digital payments to simplify transactions for customers as well as bookkeeping. Digital record keeping simplifies business transactions for many by saving valuable time as well as helping avoid the hassle of storing or transporting money, counting notes, dealing with change, torn down notes, and fake notes. Besides, bKash merchants can also transfer their money to linked bank accounts from the app.

Rethinking the Way We Pay Bills: With bKash Pay Bill service, just select the biller, enter customer ID, and the unpaid bill amount appears instantly, no need to wait for the paper bill copy to arrive. Pay for electricity, water, gas, internet and many other utility bills anytime, anywhere - saving time and hassle. Every time a bill is paid, an electronic receipt, stamped with the biller's seal, is generated automatically that serves as solid proof of payment.

Instant Proof of Transactions: Digital receipts offer a convenient way to prove transactions like paying utility bills, sending money, or shopping online. Instead of collecting physical receipts or taking screenshots, you can now share or store digitally generated receipts through messaging platforms following the transaction or fromthe bKash app's inbox or statements section.

Two-way Connectivity with Banks and NBFIs: Apart from traditional 'cash in' at an agent point, customers can also add money to their account 24/7 from bank account as well as Visa, Amex and MasterCard issued in Bangladesh without any chargethrough 'card to bKash' or 'bank to bKash' services. Besides, funds can also be transferred from bKash to banks, offering unique experience of interoperable transactions.

Receiving International Remittances: Remittance is considered as one of the lifelines of the country's economy as it strengthens the forex reserves. Currently, expatriates from over 140 countries can send remittances instantly to bKash accounts of their loved ones. bKash acts as the last mile solution providerhere as the remittance enters the country through 110 international money transfer operators (MTOs) that gets settled in 25 local commercial banks before reaching recipient's bKash account.

Setting Savings Goals and Accessing Loans: From the bKash app, customers can open DPSin minutes, from Tk 250 to Tk 20,000 per week or month, with four banks and an NBFI at competitive interest rates. Besides, eligible customers can also take instant loans up to Tk 50,000 via the app from a commercial bank for three-months term. Such convenience in savings and accessing loans surely streamline personal finance management.

Donating for Humanitarian Causes: In a bid to make charity more accessible and efficient, bKash has streamlined the process for donating to various charitable and voluntary organisations across Bangladesh. Currently, bKash customers can donate to about 40 organisations directly from the app. Apart from regular donations, bKash app also enabled the customers to respond promptly to humanitarian causes in time of disasters or emergencies.

Hassle-free Routine Transactions with Auto Pay: Let's have a scenario where you send a fixed amount of money to someone every month on a specific date. That means you can't forget the deadline for sending the money. To avoid forgetfulness, any customer can set auto pay for send money, mobile recharge, electricity bill payment etc. to simplify routine transactions.

Accessing Account Statement Right in the App: Without visiting a service point, any customer now can simply request an account statement right from the bKash app, which is generated almost immediately, helping you access banking, loan, and government services without delays.

Safe-guarding Account from the App: No need to worry anymore if you forget bKash PIN or simply want to change the old PIN. Now PIN can be reset from the bKash App. Though the process is slightly different for Android and iPhone users, anyone can take support from the LiveChat option from the bKash Menu in top right corner of the app.

Over the years, bKash app has evolved far beyond a simple mobile wallet to become a transformative tool for managing personal finance for millions in the country. By integratingall necessary financial servicesinto a single user-friendly platform, the robust bKash app gives users full control over their money. This comprehensive approach empowers millions to take financially informed decisionsby tracking expenses and making future plans accordingly. This also promoted a behavioural shift among the customers as well as giving them the confidence to get habituated in digital transactions, thus, strengthening the digital payment ecosystem in the country.