To address the rising trend in online purchases and consumer preference to transact online, Paperfly, the country’s largest home delivery network, in partnership with Mastercard and Eastern Bank Limited (EBL) launched ‘Cashless Pay’ – a digital payment-on-delivery solution on Sunday. The service is available across Bangladesh to all consumers who want to experience the convenience and safety of cashless payments while receiving their online orders at their doorstep, replacing the existing cash on delivery (COD) payments.
Honorable Sate Minister of the Ministry of information and Communication Technology, Government of the People’s Republic of Bangladesh, Zunaid Ahmed Palak officially launches digital payment–on-delivery system ‘Cashless Pay’ as the Chief Guest.
Humayun Kabir, Executive Director, Bangladesh Bank, Syed Almas Kabir, President BASSIS and Shomi Kaiser, President e-CAB were also present at the program as Guest of Honor.
‘Cashless Pay’ is an advanced solution designed by Paperfly with Mastercard’s payments technology served by EBL. It is the first such solution that does not require a point of sale (POS) machine to complete the cashless transaction and allows consumers to make payments seamlessly, simply using their smartphone browsers through a highly secured connection. This timely initiative enables digital payment service providers to extend their reach to online consumers at their doorstep.
E-commerce offers consumers the safety, security and convenience of buying essentials from the comfort of their homes and via safe and secure digital modes of payment. A recent study by Mastercard shows that the shift towards e-commerce is being seen globally as almost six in 10 consumers say the move to digital payments is likely to be permanent with nearly half planning to use less cash even after the pandemic passes.
Currently, around 95 percent of payments for online purchases in Bangladesh are made via cash-on-delivery (COD) when the buyer receives the goods. However, COVID-19 has led to a marked shift from cash to digital payments as consumers adopt cashless and contactless modes of payment to avoid hygiene risks around handling banknotes.
State Minister for ICT, Junaid Ahmed Palak said, “It would be more likely to increase the government’s revenue along with this service while maintaining transparency and convenience by ensuring inter-transaction facilities.” He made the remarks at the launch of cashless payment-on-delivery solutions event, “Cashless Pay”. “We need to focus on virtual currencies in this emerging time,” he said. “We have to think about this even if we currently don’t approve of currencies like Bitcoin and other virtual ones. Policy making meetings are required to be held on the issue. Otherwise we will fall behind.”
The State Minister further also said, “We will build a cashless society by focusing on cyber security.”
Rahath Ahmed, Chief Marketing Officer, Paperfly said, “This will have a profound impact in digitalizing the e-commerce ecosystem. Now customers will have more options regarding the payment and will also help the online marketplace and sellers with a faster cash flow, which was not possible in current cash on delivery model, since it has to go through the conventional banking system, which is very time consuming. This is going to make the cash flow of the entire online eco-system more efficient and hence, will motivate the online sellers to invest more to support the growth of e-commerce.”
Ali Reza Iftekhar, Managing Director & CEO, Eastern Bank Limited said, “EBL always prioritizes the safety of its customers and since the outbreak of Covid-19 we are strictly following Government and WHO prescribed health guidelines. We are glad to partner with Paperfly to introduce such a timely solution to make payments from online delivery for our customers. Digital payments are gaining trust among the users of our country and this ‘Cashless Pay’ service will complement to the cause significantly. We believe this will be the next step forward towards digital Bangladesh vision.”
“To support the government’s Digital Bangladesh vision, Mastercard has been working closely with partners in the industry to introduce solutions that enable easy access to digital payments,” said Syed Mohammad Kamal, Country Manager, Bangladesh, Mastercard. “In these turbulent times, e-commerce and digital payments have grown in popularity as people make the move to “digital first” and reduce their use of cash. Mastercard believes this trend will continue to drive digital payments even after COVID-19 subsides. With ‘Cashless Pay’ consumers can safely and conveniently pay for their online shopping through their Mastercard debit, credit and prepaid cards or mobile wallets after receiving the product in hand.”
Paperfly
Paperfly is one of the largest home delivery networks in Bangladesh, with close to 100 delivery points across the country, 1000 plus own employees at union level and beyond. Paperfly offers warehousing, fulfillment, smart return management and cash collection facility for its online merchants, which means with Paperfly an online seller will be able to sell their products anywhere in Bangladesh. Paperfly is working with all the leading brands in the country to support and sustain the rapid growth in ecommerce, and most importantly making e-commerce more accessible to rural customers of the country by ensuring delivery coverage in those places. Automation is in the core at Paperfly way of work, and the company has introduced many innovations like Smart return, Smart check, Smart log, In-app call and Cashless Pay to enable the power of e-commerce industry in Bangladesh.
For more details please visit www.paperfly.com.bd.
Eastern Bank Limited
With a vision to become the bank of choice and to be the most valuable financial brand in Bangladesh, Eastern Bank Limited (EBL) began its journey in 1992. Over the years EBL has established itself as a leading private commercial bank in the country with undisputed leadership in Corporate Banking and a strong Consumer and SME growth engines. EBL’s ambition is to be the number one financial services provider, creating lasting value for its clientele, shareholder, and employees and above all for the community it operates in. EBL has almost all banking products in its repertoire. The product basket is rich in content featuring different types of Savings and Current Accounts, Personal Loans, Debit Cards, Credit Cards, Pre-paid Cards, Internet Banking, Corporate Banking, SME Banking, Investment Banking, Treasury & Syndication services.
For details please visit www.ebl.com.bd.
Mastercard
Mastercard is a global technology company in the payments industry. Their mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. With connections across more than 210 countries and territories, they are building a sustainable world that unlocks priceless possibilities for all.
For details www.mastercard.com. ♦
