Pathao launched a service called ‘Pathao Pay’ in 2016 to charge for ride-sharing services. However, it was closed shortly after due to a lack of approval. Now the delivery service extends to courier delivery, car rental, food delivery, shopping. All services are accompanied by money transactions.
In order to make these transactions uninterrupted, Pathao is now coming up with its own platform for transactions, which will be called Pathao Pay. Bangladesh Bank has already objected to Pathao Pay as a payment service provider or PSP. Bangladesh Bank will give final approval only after monitoring their activities.
Sirajul Islam, executive director and spokesperson of Bangladesh Bank, told Prothom Alo that no objection has been raised to launch Pathao Pay service. Final approval will be given after looking at their activities.
It is learned that at present there are four PSPs in the IP system, D Money, Recursion, and Green and Red Technologies Limited. However, the transaction is not so. The new Pathao Pay is going to be launched. Chaldal, an online retailer, has similarly applied for a PSP license.
PSP is basically a standalone transaction platform. Money can be brought from any bank, card, and mobile financial service provider (MFS) by opening an account on that platform. From this platform, various services including shopping, bill payment, mobile recharge, remittance are available. To launch the PSP service, a company with a paid-up capital of Tk 20 crore has to be formed. At the end of the process, the central bank gave its approval. This requires at least three years of experience. PSPs can issue e-money with the approval of the central bank. For this, you have to open a trust cum settlement account in the bank. Which basically protects the money of the customers.
Hussein Mohammad, the two founders of mobile phone application-based transportation services. Elias Pathao’s Chief Executive Officer (CEO) and Sifat Adnan Chief Technology Officer (CTO). Pathao was launched in 2015 as a startup with the dream of making life easier.
The public relations department of Pathao was contacted about the launch of the new PSP service and they would like to comment on it now did not agree. Meanwhile, SSL Commerce, IT Consultant, Suryamukhi, Pragati Systems Ltd. is working as Payment System Operator (PSO). And Portonics Limited. Vendors of services and goods accept bank cards, internet banking, and mobile banking transactions through the PSO platform.
