PayPal, a global online payment processor, was launched in Bangladesh on Thursday.
Sajeeb Wazed Joy, PM’s adviser for information and communication technology, inaugurated the international gateway at a function at Bangabandhu International Conference Centre in Dhaka.
People can now receive the service from nine commercial banks, including Sonali, Rupali and Social Islami Bank, and the service will be extended gradually.
A deputy general manager at the Bangladesh Bank Payment System Department said, PayPal will eventually be available through all banks.
PayPal is set to provide services in Bangladesh, but local users will miss out on many of the features.
At present, Bangladesh will not allow users to send out money abroad via PayPal. That will make it just a one-way money channel.
As country’s users will not be able to send money abroad, they will also be barred from making online purchases or booking hotels.
According to Minister Palak, The PayPal service will be available through its Xoom Express, a digital payment service provider.
Palak hopes that Finance Minister AMA Muhith and Bangladesh Bank will ease the restrictions.
“I think they will open them up in order to make us more relevant in the global economy,” he said.
PayPal enables its accountholders to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold PayPal account balances in 25 currencies.
In South Asia, it is available in India, Nepal, Bhutan, Sri Lanka and the Maldives.