Bangladesh's financial sector will have to adopt new technologies and services in the post-COVID-19 period for the lenders to move their operations online and address the recent challenges faced by the industry.
In the current environment there has been significant growth in adoption of contactless payments, both globally and in India.
The collaboration enables UNFCU members to transfer money to mobile wallets in select countries in local currencies.
The value of transactions on the Unified Payments Interface, a platform created by India’s largest banks in 2016, reached an all-time high last month as people feared to handle banknotes amid the pandemic.
Digital payment transactions through the Unified Payment Interface (UPI), cards and mobile wallets have made a near V-shaped recovery this month.
The Reserve Bank of India (RBI) on Monday directed payment systems operators to undertake targeted multi-lingual campaigns by way of SMSs and advertisements to educate their users on safe and secure use of digital payments amid incidence of frauds continuing to bedevil people.
Mobile-based payments will be resilient and overtake card payments in India, with the covid-19-induced economic slowdown likely to put a pause on the rapid rise of cashless payments in 2020.
Digital payments saw a revival in May, after the government granted some relaxation during the third and fourth phases of the lockdown.
Sri Lanka-based fintech Genie has partnered with Bank of Ceylon to act as the financial acquirer and digitize payments through its mobile wallet solution.