E-Payment System and Internet Shopping in Bangladesh

Influence of electronic payment system over the Internet shopping in Bangladesh is profound and need revisits of policies as well as strategies employed. Therefore, some live debate on this is must and discussion on the pros and cons of e-payment system may bring fruitful solutions with the pace of time.

In traditional banking system, we had everything on paper so we used to rely heavily on the human resources to accomplish tasks of entries, clearing, deposits, document transfer, etc. on time and with accuracy. Fortunately, digitalization and use of Internet as well as intranet network had changed that dismal scenario rapidly in the western developed countries before decades.

Towards Digital Bangladesh
However, in Bangladesh like backward economy, these all and sudden changes were not possible so Bangladeshis have to wait for long to enjoy such advance privileges in comparison to their western counterparts. Fortunately, government of Bangladesh has initiated many vital moves in this direction and given an agenda to make economy and other sectors digital through “Digital Bangladesh” slogan.

Many forward thinkers and people with futuristic visions including entrepreneurs residing within country or in foreign lands have created highly conductive environment and made useful efforts to boost the process of digitalization through invading Internet and telecommunication network or facilities in early days. Later on mobiles became buzzword and sudden proliferation of mobile users taken place.

E-Payment Scenario
Along with other infrastructural facilities in the country, financial system also had taken many vital initiations. Among them banking sector and payment gateways were leaders to revolutionize the scenario of e-commerce by-and-large. Today, majority of money transactions are taking place through electronic cards or Internet across the country. Therefore, it is vital to understand the electronic payment system in Bangladesh before doing any business in the country or investing money.

Challenges on the Road
Yes, things are not always gloomy, as they seem because there are multiple challenges on the road of progress, which people of Bangladesh and other stakeholders of economy have to face, such as:

• Increased rate of cyber crime in this social and educational backward country
• Money laundering like activities due to strict money regulations and rules of land
• Perception of people are not always positive due to backwardness and lack of awareness
• Initial high cost for access because e-card payment as well as Internet payment systems need investment in infrastructure for government as well as financial system and in hardware for end-users.
• Confidence and security of transaction is big issue due to increasing threats from the hackers as well as malicious elements in Internet shopping payment as well as thieves for e-card payments
• Lack of knowledge and skills is a big problem in Bangladesh in using e-payment system where illiterate population is bigger in mid-age and elder people population categories
• Attitude to a new product vary in this small country where new generation is ready to adopt new things easily while older one is still grapples
• To minimize the cash based transaction is a big goal because the lower strata of society occupies a big portion and threats of thieves, robbers, and other non-social elements are bigger in comparison to its neighboring countries like India. Therefore, spreading e-payment tempo in rural areas of Bangladesh is positive move.

Solutions and Implementations
No doubt, government and banks have taken numerous steps to beat the aforementioned challenges, but initiative by Payza Bangladesh has enhanced advancement procedure of e-payment system noteworthy for Internet shoppers and others. Through various schemes like SimplySendBD and Payza e-wallet, this payment gateway providing group has revolutionized the entire scenario of Internet shopping experiences.

Moreover, Payza has boosted the morals of e-commerce providers in Bangladesh and for Bangladesh at admirable levels. The most important thing Payza has done is that it has given highly cheaper yet quality alternative for e-transactions and e-payment to an underprivileged country like Bangladesh.

If you have any questions or comments, we invite you to share them with us by leaving a comment below or joining us on our Payza Facebook and Payza Twitter pages.  

Daily Deals Sites Setting New Trends of Internet Shopping in Bangladesh

After prolonged deprivations, Internet shopping has become cloying word for Bangladeshi people. People are exhibiting much interest towards e-commerce and they are from both sides, buyers and entrepreneurs. Mature online buyers demanding robust experiences while scrappy and enthusiastic entrepreneurs are offering newer trends. Recent proliferation of the daily deals sites are indicating increasing craze for Bangladeshi Groupon so let’s check what is actually going on.

It is true that Bangladesh was suffering from social, economic, and educational back lags in past, but recent easing of international trade barriers, economic liberalization, globalization, and deregulation have altogether changed the scenario. Right efforts of governments, entrepreneurs, and people by-and-large have made changed perceptions and habits of average Bangladeshis to do buying and selling in recent past.

Conductive Environment for Internet Shopping in Bangladesh
Today an average Bangladeshi has easy Internet access through mobile devices and computers at some extent. Increasing numbers of smartphone users and declining in Internet charges are boosting overall web surfing. Craze of social media have taught people to use e-commerce websites smartly and forced them to be transparent. Mature web users who do frequent Internet shopping in Bangladesh know how to do comparative shopping and how to leverage ultimate benefits of e-commerce in this small, but rapidly growing country.

After recognizing these trends, many residential and non-residential Bangladeshi entrepreneurs have established online marketplaces and daily deals websites just like Groupon doing in their western counterpart countries of the world. They sniffed the interests and habits of Bangladeshi affluent and middle class people and unveiled daily deals websites made up of the latest e-commerce development technologies.

Daily Deals Scenario for Internet Shoppers in Bangladesh
For instance, Akhoni.com is one of the leading B2C daily deals websites harboring innumerable products on their websites. Besides these, they offer high discounts over many products and services on behalf of many local businesses by following daily deals model of Groupon. You can find mouth watering daily deals offers from the restaurants, tourism industries, health industries, fashion and beauty niches, etc. on their website regularly.

Internet shoppers in Bangladesh are now smart and united in small to big groups. They quickly share the information on the social networking sites like Facebook with peers. Sometime they plan to visit the places, which offer daily deals such as restaurants, beauty parlors, etc. in a group and enjoy cheapest services just like doing parties.

Akhoni online shopping website and other similar daily deals websites are not offering just fashion or day-to-day used commodities, but they also offer costly jewelry and electronic gadgets for affluent class people who avoid sweating in traffic rush and wasting their time burning fuels for shop-to-shop visits. Unlike past, recent improvements in online payment methods and Payza like Bangladeshi players have made e-transactions quite easy and safe for Internet shopping fans in Bangladesh. No doubt, trust building is the key of success in e-commerce in Bangladesh.

Smart Daily Deals Players
Another major player in daily deals sites is BdDeals, which has more than 20 million users in its database and running SMS, E-mail, and PPC campaigns for their daily deals business participants. No doubt, in this daily deals race, only quality conscious and economical sound parties can withstand for longer so daily deals websites check the background of the business and evaluate them in their own way before granting permissions to place their deals on their websites.

Trends in Online Shopping with Home Delivery in Bangladesh

Online shopping in Bangladesh has outstanding challenges in terms of payment and delivery because in numerous cases both are mingled with each other, as payment takes place once delivery is finished in form of home delivery of goods. Unfortunately, recent market is expanding in terms of goods available and home delivery can’t associate with payment in all cases.

Internet has changed the scenario of people’s lifestyle and way of business doing in the country. Despite the crinkling infrastructure for transport, electricity, and wired Internet network, online activities are flourishing at rapid pace and seem to be parallel to its affluent western counterparts.

Online Shopping Status in Bangladesh

Numerous online shops are working solely on the internet while majority of brick stores enjoy status of click-to-brick shop in modern Bangladeshi society where each home has one person living abroad. Mobiles have made internet ubiquitous. Therefore, people are free to place their selling needs on auction sites, whilst buyers have freedom to purchase products from anywhere and at their convenient time.

Online Shopping Behavior of Bangladeshis
However, the nature of Bangladeshis is a bit conservative and people generally don’t put trust on other especially in payment made on internet where receivers are unknown and lots of frauds or scams have been registered before. Moreover, traffic issues are acute in major cities of Bangladesh where a big chunk of online shoppers is residing.

Cash On Delivery Model
Therefore, expecting of buying and picking up the goods are rare thing in practice here. Bangladeshi folks love to deal in face-to-face mode so cash on delivery is highly popular mode of payment in cities as well as in rural areas in particular. There are two benefits of cash on delivery that buyers and sellers both are secure for the payment as well as right delivery at their respective ends while buyers can promptly inform vendors for any sort of fraud or swindle carried out by middle men or any damage occurred during shipment.
Unfortunately, all goods are not possible to ship through this payment method and collect cash, only food items ready to serve, groceries, furniture, and so on items of day-to-day use fall in cash on delivery payment mode. Valuable items are generally purchased either through personal visits or through secure payment gateways in advance payment mode only.

Promise of Secure Payment
Fortunately, Bangladesh payment gateway services like Payza Bangladesh have quite safe and secure online payment method through internet as well via credit/debit cards with bargaining service charges. Even secure e-transactions are possible in rural areas where connectivity and financial infrastructure are issues all times.

Payza Bangladesh has changed the scenario of online shopping in Bangladesh through various payment gateway related schemes unveiled in collaboration with major banks of Bangladesh and government itself. People now no longer need cash on delivery like long and risky routes of online shopping in Bangladesh thanks to Payza Bangladesh and banking network to introduce trust factors among the most privileged people of Asian region.

If you have any questions or comments, we invite you to share them with us by leaving a comment below or joining us on our Payza Facebook and Payza Twitter pages.  

Tips to Keep You Safe While Doing Online Shopping In Bangladesh

Online shopping is worth your time and money when they are in question. Today Bangladeshi lifestyle is changing rapidly and Bangladeshis are simulating lifestyle of developed countries of the world. Therefore, online shopping in Bangladesh is getting momentum gradually. However, it is not par and safe as in western countries. Here are some tips to do it safe and securely.

Today society in Bangladesh, by-and-large, is passing through a transition phase from underdeveloped to a developing and may be as developed at any point of time in near future. Government is functioning in democratic ways and uplifting the life of people in the country through various measures. Education rate is picking new peaks and people are living busy lifestyle as their western counterparts are doing.

Proliferation of mobiles and penetration of Internet are factors pushing e-commerce at new levels. Online shopping in Bangladesh is gradually becoming trend, as almost everything is available and within reach of fingertips or just a click on the web. We can list numerous benefits of online shopping viz. time saving, fuel saving, opportunity to do comparative shopping, and many more in different contexts.

Unfortunately, each coin has two facets so online shopping has some dark shadows looming on Bangladeshi shoppers too. Let’s check some of them in brief here.

Heavy is Suspicious

When you find that any e-commerce store or ads on the web, whether it is on social media or elsewhere, is luring you through offering unbelievably high discounts or incentives, look at them with suspicious eyes. Remember that reputed brands never sale their products at the cheapest rates or offer heavy discounts that make your head wobble.

Usually, brands are passing their savings on brick store investment and other overheads in measurable percentages, never at half or one-third rates. Unfortunately, scammers in Bangladesh are enough and know how to trap new generation shoppers by victimizing them based on their immaturity and freedom offered by illiterate or less educated parents.

This is the best way to save you from possible cheating or frauds. Smart online shoppers are directly logging in with original website or mobile app of the brands, instead of going via other routes. Thus, my next suggestion is secure your log-in credentials.

Secure Surfing
Today half of the online shopping is taking place through mobile devices, smartphones or tablets. Do you know Wi-Fi or mobile connection is considered insecure across the world and it is more vulnerable in, Bangladesh like, developing nations. Always keep your computing devices updated with security software and recommended security measures even though you have wired connection because passwords and credit card credentials are stored in cookies and hackers can access through hacking your system easily.

Cross Check before Big Deal
Bangladesh is not big nation that you can’t collect info of any reputed business using your personal or professional circles. This is imperative particularly when you are going to pay a big amount or making a big deal where your payment is in risk.

Ray of Hopes
Fortunately, among the misty online environment in Bangladesh, Payza Bangladesh like entrepreneurs have taken right steps to offer secure and easy online shopping experiences in pure Bangladeshi contexts. Moreover, such payment gateway in Bangladesh have made money transactions cheaper and safe through forming alliances with local and international banks.