Bangladesh has taken a significant leap forward in its digital transformation journey with the official launch of Google Pay, Google’s highly anticipated digital payment service. The service, operating through the “Google Wallet” platform, was officially inaugurated yesterday, June 24, at a ceremony in Dhaka, marking a pivotal moment for the nation’s financial ecosystem.
The launch is a result of a groundbreaking collaboration between Google, City Bank PLC, and global payment giants Mastercard and Visa. City Bank holds the distinction of being the first local financial institution to directly integrate with Google Pay, bringing this cutting-edge digital wallet service to its customers.
Dr. Ahsan H. Mansur, Governor of Bangladesh Bank, graced the inauguration event as the chief guest, warmly welcoming Google Pay’s entry into the Bangladeshi market. He expressed optimism that such advancements would enhance Bangladesh’s appeal to both local and foreign investors, fostering a more vibrant economic landscape. “We are continuously supporting the digitalization of financial services. Digital transactions ensure transparency, and they also contribute to financial inclusion and building a cashless society,” stated Governor Mansur.
Initially, Google Pay will be available to City Bank’s Mastercard and Visa cardholders. These customers can now seamlessly link their debit or credit cards to their Google Wallet and conduct fast, secure, and truly contactless payments by simply tapping their Android smartphones at any Near Field Communication (NFC)-enabled Point-of-Sale (POS) terminal, both within Bangladesh and abroad.
Mashrur Arefin, Managing Director and CEO of City Bank, emphasized the significance of this partnership. “This partnership reflects our commitment to building a future-ready digital payments ecosystem in Bangladesh. We are proud to bring this innovative solution to our customers and enable a smarter, more convenient way to pay,” he said.
Key Features and Benefits of Google Pay in Bangladesh:
- Contactless Payments: Users can make payments by simply tapping their Android smartphones at NFC-enabled POS terminals, eliminating the need for physical cards.
- Enhanced Security: Google Pay utilizes advanced encryption and tokenization technologies, ensuring that actual card details are not shared during transactions, thus protecting user data.
- Convenience: The service transforms smartphones into versatile digital wallets, capable of handling everything from everyday shopping to international travel, streamlining the payment experience.
- No Google Transaction Fees: Google will not charge users for facilitating these transactions, though banks may impose their own charges for international transactions.
- Seamless Online and In-App Payments: Beyond in-store tap-to-pay, Google Pay also facilitates secure online and in-app purchases.
The launch event saw the presence of other key figures, including Tracy Ann Jacobson, Chargé d’Affaires at the U.S. Embassy in Dhaka; Hossain Khaled, Vice Chairman of City Bank; Shammi Quddus, Group Product Manager at Google Payments; Syed Mohammad Kamal, Country Manager of Mastercard Bangladesh; and Sabbir Ahmed, Country Manager of Visa Bangladesh, alongside senior officials from all collaborating organizations.
With an estimated 95% of smartphones in Bangladesh running on Android, the introduction of Google Pay is expected to significantly accelerate digital payment adoption and pave the way for a more cashless society. This strategic move is set to redefine convenience, security, and efficiency in Bangladesh’s burgeoning digital financial sector. Sources