bKash launched a new service enabling it’s customer to transfer fund instantly from Mastercard branded debit, credit and prepaid cards issued by banks in Bangladesh to bKash 24/7. This service is now a reality with Southeast Bank’s Mastercard Payment Gateway Service. bKash, the largest mobile financial service provider of Bangladesh, Mastercard and South East bank jointly organized the launching event at a city hotel today (11 March 2019).
bKash app users can add money to their own accounts as well as other bKash accounts. The same bKash cash-in limits will be applicable for this service. To make the transfer bKash users need to click add money options from bKash app interface. Then they need to select card to bKash options and incorporate the bKash number. Putting the required card details and desired amount customer will get an OTP (One Time Password) in their registered mobile number. By entering the OTP customer will be able to complete the transaction.
For ensuring a safer, faster and more secure transaction experience for customers, bKash has connected its app to Southeast Bank’s Mastercard Payment Gateway Solution. bKash and Mastercard will provide uninterruptable service to bKash customers for adding money to their wallets from any Mastercard branded cards instantly from anywhere, anytime. This service will make bKash wallet loading remarkably easier and convenient for Mastercard cardholders and bKash customers.
Dr. Mashiur Rahman, Economic Affairs Adviser to the Prime Minister of Bangladesh graced the event as the chief guest.
Kamal Quadir, CEO, bKash; M. Kamal Hossain, Managing Director, Southeast Bank Limited (SEBL) and Syed Mohammad Kamal, Country Manager, Mastercard Bangladesh; along with other officials from bKash, Mastercard and SEBL were present on the occasion.
In his speech the CEO of bKash, Kamal Quadir said, fund transfer facility from Mastercard to bKash is a significant step towards the journey of cashless society. It also opens opportunities for Mastercard and banks to design products and services for common people which can be channeled through bKash, where we work as a last mile solutions provider.
Kamal Hossain, Managing Director of Southeast Bank Limited said, “Southeast Bank has got state of the art technologies for providing banking services. Southeast Bank Payment Gateway opens the opportunity of card to wallet fund transfer which is expected to be extended to wallet to card fund transfer – very soon.”
Syed Mohammad Kamal, Country Manager, Mastercard Bangladesh also commented, “Mastercard is immensely happy to extend its branch of services. Over the decades, Mastercard has been working towards establishing a cashless society. Our journey with bKash is a history for the true interoperability between Card & the MFS sector in Bangladesh. We believe this endeavor will enhance card acceptance through MFS even in the remote sector of Bangladesh. ”
Launched in 2011, bKash, a joint venture of BRAC Bank, US based Money in Motion, International Finance Corporation, Bill and Melinda Gates Foundation and Ant Financial, operates as a payment service provider offering broad range of mobile/digital financial services under the regulation of Bangladesh Bank.
About Southeast Bank Limited
Southeast Bank Limited, a second generation private Bank, emerged in 1995 amid liberalization of global economies. Currently, its Authorized Capital is BDT 15,000.00 million and its paid-up-capital and reserve reached BDT 34,056.28 million as of December 31, 2016. Southeast Bank is one of the very few banks in Bangladesh which has both types of the Banking services like “Traditional Banking” and “Islamic Banking”. Currently it is serving its customers through 131 branches including 5 Islamic Banking Branches, 2 Ladies Branches, 135 ATMs and 2 Off-Shore Units across the country. To expand the reach of modern banking facility at the rural area, recently it has also introduced Mobile Banking Services titled “Tele Cash”.
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardAP, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.