In the developed world, we often take being banked for granted. It’s important to consider the story of a real customer’s needs.Before the actual launch of bKash, Bangladesh was an economy where almost all transactions were made with cash. This made it difficult to send money that the postal service does not work very reliably.
Bangladesh is considered a poor country facing major financial challenges. Many people have no or insufficient access to services provided by traditional financial institutions. Under the leadership of Quadir, bKash Ltd. has addressed this problem and established a mobile payment system in the country.In less than a decade, bKash has built a customer base of 36 million people in a country that needed a digital revolution. bKash is one of the largest payment providers in Bangladesh, processing more than 6.7 million transactions per day.
By using bKash, customers can send and receive money via their mobile phone and use it to pay for goods and services. Customers can also set up savings accounts with it. So far, however, bKash can only be used domestically and it is not possible to send money abroad with bKash.Ripple and bKash could work together in the future to facilitate cross-border transactions and thus give people in Bangladesh the opportunity to send money outside their own country.
Author : Collin Brown