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Online payment system PayPal will start its journey in Bangladesh from Oct 19, ending a long wait of the country’s freelancers and ICT entrepreneurs.
Prime Minister’s ICT Affairs Adviser Sajeeb Wazed Joy will inaugurate the PayPal services at a ceremony at Bangabandhu International Conference Centre in Dhaka on that day, State Minister for ICT Zunaid Ahmed Palak said, reports bdnews24.com.
Initially, the services will be available through nine banks, including state-owned Sonali and Rupali, and Social Islami Bank, Palak said on Monday. The list of banks will be expanded later.
Meanwhile, UNB reports, PayPal Holdings Inc is an American company which operates worldwide online payment system that supports online money transfers and serves as an electronic alternative to traditional paper methods like cheques and money orders.
ICT expert Mustafa Jabbar said freelancers will largely be benefited once the PayPal services are introduced. The services will pave the way for hassle-free electronic transfer of money and ease the influx of remittances and earnings from foreign companies.
“If the PayPal services begin in the true sense, the freelancers will get relieved of banking hassle and additional charges for their money transactions. Besides, remittance inflow through illegal channels will be reduced and freelancers’ work volume will increase,” he said.
The expert said the Bangladeshi banks actually sign agreements with a digital money transfer or remittance provider company ‘Xoom Corporation’, which was acquired by PayPal.