You are here
Home > Tech > Security > Challenges in the eco payment system in Bangladesh

Challenges in the eco payment system in Bangladesh

We want to create a cashless society to minimize the risk and provide ease to customers while paying. With that view in mind Southeast Bank Limited has introduced eCommerce Payment Gateway for local and foreign customers so that they can buy products and services, order food, buy tickets and book hotels online without the hassle of stepping outside.To strengthen payment security and prevent unauthorized use of credit cards.of Southeast Bank cardholders’ CNP (Card Not Present) transactions, we introduced 3D secured access control server.

Southeast Bank’s 3D secured payment Gateway will ensure the security of Merchants and cardholders and will protect from fraudulent transactions.

It gives convenience to customer and helps them lead a tension free life, and that’s what we want. Digital payment on eCommerce is growing at an amazing speed. The eCommmarket is growing at a rate more than hundred percent every year and worth around 2,000croretaka at present. We have been working very closely with Government regulatory authorities, Bangladesh Bank and our merchants to develop and constantly improve online payment ecosystem.

Private Banks in Bangladesh are offering promotions throughout the year to drive cardholders towards digital platform. Likewise, Southeast Bank Limited is also offering attractive discounts for the customers both in physical shopping outlets and in online Commerce sites.Currently we have around 3 lakh cards in circulation. We believe in cashless society and via campaigns, we encourage customers to use cards rather than cash. The population is slowly accepting the concept of card transactions, especially payments with debit cards in circulation increased over 15% last year.

Banking system in Bangladesh is in pace with the global banking trend. In most cases we are no different than the first world countries, rather in some cases we are ahead ofthem.In United States, banks are still issuing magstripe cardswhereas we have moved to PIN based chip cards. Chip cards come with a small chip in it which has cryptographic processing capability. It enables first level verification and authentication between card and the terminal. We are working to introduce contactless chip card for our cardholders which will make the transaction faster and in a secured manner.

Some countries still don’t have ‘Real Time Gross Settlement (RTGS)’ system which we have implemented already. Most of our online transactions are made with ‘Two Factor Authentication (2FA)’or OTP. OTP (One Time Password)which gives an extra layer of security in the online payment domain by generating and sending a unique code to the cardholder via SMS, email or app which only the cardholder has access to.

Southeast Bank Limited is the principle member of Visa and Mastercard and we have both Credit and Prepaid card. Our dual currency prepaid card requires a very small KYC, has worldwide acceptance, safe and secure foronline payment, retail purchase and cashwithdrawalat ATM. This canalso help travelers to travel abroad and be worry free from carrying physical cash. We have all the conventional banking services; along with theseproduct facilities and we can also provide deposit schemes, SME loan schemes and Retail Banking Facility.

We are stepping towards cashless Bangladesh, there are almost 10 thousand ATMS, which mostly covers Dhaka, Chittagong and Sylhetand, scenario is no different in POS machine as well, there are40 thousand POS machines across thecountry. However, it does not cover the whole Bangladesh. To overcome the issue, we are working on QR wallet by which we would be able to provide POS services to the merchants with a modern, secure medium in a very reasonable cost. Usage of smart phones areincreasing day by day and by replacing plastic card with smart phone, financial transaction will be more safe and secure. Debit, Credit, Prepaid cardholders; Savings, Current and MFS accounts will be included in the wallet. This means our cardholders and account holders will be able to do transaction at merchant point using our wallet. By using NFC (Contactless) system, cardholders will be able to pay at merchant point with just a simple tap on the POS machine. We are creating a new era in Bangladeshi card industry by combining all the latest technologies which are proven worldwide.

This payment eco system is a huge challenge. Frauds and Hackers are always trying to hack the system. Our Security measures require constant monitoring audited and updated from time to time. Strong IT structure, updated security software and secure system along with the implementation of latest technologiesin the market will bring success in coming days in the card arena in Bangladesh.

Leave a Reply

Top

Click Here To Buy Magazine 


Connected with us