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Bangladesh Bank (BB) on Wednesday issued a payment system operator (PSO) licence in favour of DGepay for providing online payment services in the country.
The brand name is DG e-pay.
A PSO facilitates payments of online trading between buyers and sellers.
The BB issued the licence under Bangladesh Payment and Settlement Systems Regulations-2014.
For example, if anyone buys a product through an online platform, the buyer usually pays the bill through bKash or cards. Under such types of transactions, there is an intermediary that works in the process to facilitate the transaction.
The PSO works here as a facilitator in the transaction in exchange for service charges.
The Payment Systems Department (PSD) of the central bank issues licences to two broad categories of service providers - Payment Service Provider (PSP) and Payment System Operator (PSO).
It issues a PSP licence to the company that facilitates payment(s) or payment processes directly to the customers and settles their transactions through a scheduled bank or financial institution.
Currently, 14 PSOs are in operation in the country. These are: IT Consultants Ltd (PSO), Software Shop Limited (PSO), ShurjoMukhi Ltd (PSO), Portonics Limited (PSO), Walletmix Limited (PSO), Soft Tech Innovation Limited (PSO), iPay Systems Ltd (PSP), D Money Bangladesh Ltd (PSP), Recursion FinTech Ltd (PSP), Green & Red Technologies Ltd (PSP), Progoti Systems Ltd. (PSP), Optimum Solution & Services Limited (PSO), Service Hub Limited (PSO) and DGepay.