No more direct payments into e-commerce accounts

The commerce ministry in a letter has requested the Bangladesh Bank to give necessary instructions to banks not to allow the deposit of any payment directly into bank accounts of e-commerce companies from customers.

In the letter sent to central bank governor Fazle Kabir on Wednesday, the ministry said some e-commerce platforms are instructing customers to deposit money directly into their bank accounts against product orders by bypassing the central bank's escrow service. In this way, customers will likely be deceived again.

"In this situation, we request that banks be instructed not to accept direct deposits of money from clients into e-commerce companies' own accounts," said the letter.

A large number of customers have been deceived by various e-commerce companies, including Evaly, e-Orange, Dhamaka even after paying prices in advance.

To curb such fraud and protect the interests of consumers, the government has issued guidelines for the management of digital commerce, which calls for the use of escrow services.

The Bangladesh Bank issued a circular on 30 June this year by launching escrow service.

It said the payment gateways would keep the advance payments that the buyers would pay. After delivering the products to their buyers, e-commerce companies will submit their documents to the payment gateways. After checking those documents, the gateways will transfer money to the accounts of the e-commerce companies.

Hafizur Rahman, additional secretary and head of the Central Digital Commerce Cell, told The Business Standard that in violation of the directives of the Bangladesh Bank and the Ministry of Commerce, some companies are offering discounts and asking customers to deposit money directly into the companies' bank accounts.

"Taking money in this way is against the instructions of the Bangladesh Bank and the Ministry of Commerce and there is a risk of deceiving the customers. Against such a backdrop, the commerce ministry has issued the letter to the central bank urging it to instruct banks not to deposit money directly into the companies' bank accounts," he added.

By bypassing the payment gateway, various companies, including Alesha Mart, are offering huge discounts and asking customers to deposit money directly into the company's bank account. That is a violation of the policy.

Earlier, under pressure from the commerce ministry, e-commerce platform Alisha Mart withdrew its advertisement with an offer to sell bikes with a 33% discount, by depositing money in its bank accounts for violation of the e-commerce policy.