People in Bangladesh may soon finally have official access to one of Google’s digital payment services Google Wallet (or Google Pay, as it is also known). Fintech sources tell us the service would launch in Bangladesh in the next month, Google said.
This launch will see Android phones in Bangladesh function as digital wallets, meaning you can pay without cards in hand. They’ll be able to tap their phone to make contactless payments for everything from booking flights and shopping to going to the movies.
Initially, this service will be available to City Bank card holders only. Visa or Mastercard holders can sign up their card, including those in Bangladeshi Taka, to Google Wallet and pay from any machine that supports NFC technology.
The move is a big step toward making financial transactions in Bangladesh more digital. Before that, Google Wallet wasn’t available in the country because it wasn’t connected to the local banking system.
This service is now being brought to the public by City Bank working directly with Google. Users can then make quick, secure and contactless payments with nothing more than their smartphones, when available.
This could be how people pay and shop online, a senior banker told TBS. Bangladesh’s digital payment system is expected to grow quickly and more cashless options will appear as more banks join.
In Southeast Asia, Google Pay is already being used outside South Asia in Singapore, Thailand, Vietnam and Malaysia.
Will Google make money off transactions?
Unlike other funding methods, Google Wallet doesn’t charge you any fees to pay in stores, shop online or send money to friends within the United States, as long as you use a linked bank account or debit card. Your bank may charge you a fee, though, based on its rules, the kind of card you use or the kind of transaction.
For instance, if it’s an international gateway or foreign currency payment, banks can charge an extra fee of 1% to 3%.
Payment Methods available in the local market
Since so many people in Bangladesh already use local mobile payment services (bKash, Rocket,Nagad or Upay), there is a low barrier to entry for anyone who wishes to start using them. These are popular, easy to use and almost everywhere accepted platforms. Apart from mobile wallets, debit and credit cards are usually used for online as well as in person payments.
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