To reduce cash transactions and boost digital payments on e-commerce platforms, Paperfly Private Ltd has introduced the first-ever cashless payment method on product delivery.
Customers ordering online can now pay through cards, mobile banking or other digital platforms made available by Paperfly – a countrywide delivery service provider – when the product is delivered at their doorstep.
State Minister for Information and Communication Technology Division Zunaid Ahmed Palak inaugurated the service yesterday through an online press conference.
"Around 90 percent of the country's total e-commerce transactions take place through cash on delivery. It is a limitation of the sector. The newly introduced method will encourage people to go for cashless transactions."
Palak also urged the central bank to think about the approval of crypto-currency or virtual currency to build a cashless society.
"Customers prefer cash on delivery as they want to see the product before making payment. So we are offering the same facility using contactless payment methods – cards, mobile banking or other digital platforms," Paperfly Chief Executive Officer Shahriar Hasan said.
Eastern Bank and Mastercard are supporting Paperfly to implement the cashless payment initiative.
The Bangladesh Bank Executive Director Mohd Humayun Kabir, e-Commerce Association of Bangladesh President Shomi Kaiser, Bangladesh Association of Software and Information Services President Syed Almas Kabir, Mastercard Bangladesh Country Manager Syed Mohammad Kamal, and Eastern Bank Head of Retail Banking M Khorshed Anowar also attended the conference.