Nagad, a Digital Financial Service of the Postal Department, has come on board with Cashless Pay by Paperfly, country's largest and technologically most advanced home delivery network.
From now on, customers can use their Nagad Account to settle their payment after receiving the products during the actual delivery from Paperfly. The entire process can be completed in 3 easy steps.
Recently, an agreement has been signed between the high officials of both the companies.
Tanvir Ahmed Mishuk, Managing Director of Nagad said, "Aiming to digitize the citizens' life, Nagad is always trying to play an important role in making all the daily activities of people convenient and more dynamic. The partnership is also a reflection of achieving that goal, which I believe will give a new impetus to online shopping in the country. As a result, customers will also enjoy the benefit of cash on delivery service for online shopping through cashless payments."
Rahath Ahmed, Chief Marketing Officer of Paperfly said, "This will have a profound impact in digitalising 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 the 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."
Currently, around 95% 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 market shift from cash to digital payments as consumers adopt cashless and contactless modes of payment to avoid hygiene risks around handling banknotes.