October 9, 2017, 3:21 pm
PayPal, world's most popular online money transfer service, is all set to launch their services in Bangladesh on 19 October.
State minister for ICT division Zunaid Ahmed Palak confirmed this to media on Monday.
Prime minister's ICT adviser Sajeeb Ahmed Wazed Joy will inaugurate PayPal in Bangladesh on the second day of the
Bangladesh ICT Expo 2017, he said.
Zunaid Ahmed Palak said PayPal will be available in nine banks, including Sonali Bank and Rupali Bank.
PayPal's arrival will benefit freelancers the most, paving the way for hassle-free electronic transfer of money and ease the influx of remittances and earnings from foreign companies.
"We're heading towards a cashless society. Launching PayPal is important for forming Digital Bangladesh. This service will be available in 12,000 branches of nine banks across the country," said the state minister for ICT Division.
Since its start in December 1998, PayPal has enabled nearly 200 million individuals and businesses to transfer funds electronically.
PayPal, which is available in more than 200 markets around the world, enables its account holders to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold PayPal account balances in 25 currencies.
The Bangladesh government had long been negotiating with PayPal to launch its services in the country and now the efforts are finally bearing fruit.