iPay launches commercial operation

iPay Systems Limited, a digital money transfer platform, launched its commercial operation in the country, aiming to make transactions more transparent and secure.

Any client having an iPay wallet linked to his/her bank account will be able to make payments for products and services and transfer funds to other iPay members.

The company has already got connected with all commercial banks in the country, making iPay an umbrella platform for digital money transfer in Bangladesh, said iPay officials.

Finance Minister AMA Muhith formally inaugurated the service as the chief guest at a ceremony at Radisson Blu Dhaka Water Garden in the city on Wednesday.

Posts, Telecommunications and Information Technology Minister Mustafa Jabbar, State Minister for Information and Communication Technology Division Zunaid Ahmed Palak and Prime Minister's Media Adviser Iqbal Sobhan Chowdhury attended the programme as special guests while iPay Systems Chairman Md Shahidul Ahsan and the company's Chief Executive Officer (CEO) Zakaria Swapan also spoke on the occasion.

In his speech, Muhith said, "It is a matter of joy that our youths have developed the iPay software, which will operate in the country like global online payment system PayPal."

Welcoming the initiative, the finance minister said iPay will help build a cashless society in the country that will ultimately ensure financial transparency.

Mentioning that it took a long time to bring technology parity in Bangladesh, Jabbar said, "We have imported technology for long, but we are now exporting software and other technological services to 80 countries."

Local engineers will develop many more technology products like iPay in the coming days which will introduce Bangladesh in a new way to the world, he hoped.

Speaking at the programme, Zakaria Swapan said iPay will offer a secured and complete payment system in the country for individuals and businesses.

Licensed by Bangladesh Bank as payment service provider (PSP), the company will help its clients transact money from mobile phones and computers through Internet, he said.

Talking about the importance of cashless transaction, he said Internet-based transactions will ensure transparency and security of the money and make the service convenient to its users.

The iPay Systems started its operation on an experimental basis in the country on January 07 this year.

To get iPay services, a client needs to download the iPay application first on their smartphone, then open a eWallet on the app which will be linked to his/her bank account.

An individual would be able to transact a maximum of Tk 50,000 a day while the monthly ceiling for withdrawal and deposits is Tk 200,000. A eWallet can have a maximum balance of Tk 400,000.

However, there will be no cash-in and cash-out limit for business entities.

Any Bangladeshi citizen can download the app from both Apple and Google Play Store (iPay Bangladesh) and users can also sign up a new account from its website ipay.com.bd

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