Dhaka, Bangladesh (BBN) – Meghna Bank Limited has launched chip-based card for mobile financial services for the first time in Bangladesh aiming to bring more unbanked people into the banking network.
Such mobile financial services-MEGHNA BANK TAP n PAY- is a card-based and chip-enabled service that uses Near Field Communication Technology, according to the bank officials.
Mobility iTapPay (Bangladesh) Limited, a joint venture of MOBILITYONE of Malaysia, is providing technical support to run the latest mobile financial services in Bangladesh.
The product was formally launched through a event held in the capital Dhaka on Monday.
Finance Minister AMA Muhith was present on the occasion as the chief guest while State Minister for Information and Communication Technology Zunaid Ahmed Palak was the special guest.
The Tap ‘n Pay service offers cash in or cash out facilities through the authorised service points like the branches of Meghna Bank, ATMs or PoS.
Currently, Meghna Bank is running its business with 37 branches across the country.
The new system offers Person to Business (P2B) as well as Business to Person (B2P) payments, Government to Person (G2P) as well as Person to Government (P2G) payments and Person to Person (P2P) payments.
“Simultaneously, micro-finance disbursement facility, insurance premium and DPS facilities are also available in the system,” a bank official explained.
Chairman of Meghna Bank HN Ashequr Rahman and Managing Director and Chief Executive Officer Mohammad Nurul Amin also spoke on the occasion.