In a move it expects will boost e-commerce revenue in the country, Bank of Bangladesh plans to open an online payment facility for the country’s service exporters, the country’s central bank announced Aug. 7.
Bank of Bangladesh will allow online-payment gateway providers to process small-value payments from overseas for exporters in Bangladesh. Such payment-gateway providers include PayPal Inc., Moneybookers and Virtual Pay, a spokesperson for the central bank tells PaymentsSource.
Such companies would have to enter into standing arrangements with foreign exchange dealer banks in Bangladesh that would maintain a separate collection account for each online payment partner to repatriate the payments, he adds.
The gateway service only will be available for Bangladesh exporters of services and not goods, the spokesperson says. “It will be restricted to service export in nonphysical form of value not exceeding US$500,” he says.
The policy change will particularly help small players engaged data entry and processing, information-technology outsourcing, and business-process outsourcing, the spokesperson adds.
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