A contactless payment-on-delivery solution for e-commerce styled: Cashless Pay was launched on Sunday to replace cash on delivery payments with a cashless payments facility at consumers’ doorstep.
Paperfly, the country’s largest home delivery network, has partnered with Mastercard and Eastern Bank Ltd (EBL) for the service.Paperfly says the digital payment-on-delivery solution will address the rising trend in online purchases and consumer preference to transact online.
Sate Minister for ICT Zunaid Ahmed Palak formally launched the Cashless Pay at a function as the chief guest, says a release.
“It would be more likely to increase the government's revenue along with this service while maintaining transparency and convenience by ensuring inter-transaction facilities,” he said.
"We need to focus on virtual currencies in this emerging time," Palak said, adding: “We have to think about this even if we currently don't approve of currencies like Bitcoin and other virtual ones. Policy making meetings are required to be held on the issue. Otherwise we will fall behind.”
Palak further said, "We will build a cashless society by focusing on cyber security."
Bangladesh Bank Executive Director Humayun Kabir, BASSIS president Syed Almas Kabir and President of e-CAB Shomi Kaiser were also present at the function as guests of honor.The service is available across Bangladesh to all consumers who want to experience the convenience and safety of cashless payments while receiving their online orders at their doorstep, replacing the existing cash on delivery (COD) payments.
Cashless Pay is an advanced solution designed by Paperfly with Mastercard’s payments technology served by EBL.
It is the first such solution that does not require a point of sale (POS) machine to complete the cashless transaction and allows consumers to make payments seamlessly, simply using their smartphone browsers through a highly secured connection.
This timely initiative will enable digital payment service providers to extend their reach to online consumers at their doorstep.
E-commerce offers consumers the safety, security and convenience of buying essentials from the comfort of their homes and via safe and secure digital modes of payment.
A recent study by Mastercard shows that the shift towards e-commerce is being seen globally as almost six in 10 consumers say the move to digital payments is likely to be permanent with nearly half planning to use less cash even after the pandemic passes.
Currently, around 95 percent 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 marked shift from cash to digital payments as consumers adopt cashless and contactless modes of payment to avoid hygiene risks around handling banknotes.