Economy Desk: Bank card usage has increased in online shopping. In the first five months (July–November) of the current financial year, bank card transactions in the e-commerce sector amounted to 7,563 crore. 5 thousand 417 crores were traded in the first five months of the previous financial year. That is, compared to the previous year, the transaction has increased by Tk 2 thousand 146 crores.
Recently, such information has emerged in the latest updated report published by Bangladesh Bank. Those concerned think that people are regaining confidence in this sector due to various policies, including taking the money collected from the customers of e-commerce organizations as their own settlement. As a result, transactions are increasing.
It is to be noted that when the information about widespread irregularities in the e-commerce sector came out, a lack of confidence among customers was created in this sector. Many e-commerce companies were not providing products or services for a long time with advance payment. In this regard, the Ministry of Commerce issued a guideline in June 2021.
Bangladesh Bank issued a notification in light of that directive. The notification from Bangladesh Bank said that the payment service providers will retain the money collected from the customers of e-commerce institutions as their own settlement. The e-commerce company will get the price after delivery of the product. Banks, MFS, or e-wallet service providers can act as intermediaries in the settlement of transactions. Bank officials say that most of the country’s people are still transacting in cash. However, card transactions are also increasing. People’s interest in online shopping is constantly increasing. In particular, the financial sector regulatory body has launched a special service called the Escrow Service to restore order in this sector.
Bangladesh Bank’s policy titled ‘Merchant Acquiring and Escrow Service Policy 2023’ has mentioned various conditions for e-commerce businesses. Basically, this policy has been created to protect both the buyer and the seller from fraud in online shopping. According to the policy, banks, PSOs, MFS, and PSPs cannot charge any kind of fee from sellers and buyers in e-commerce transactions. Besides, the courier service companies involved in it must be approved by the Courier Service Licensing Authority and the Bangladesh Mailing Operator. Besides, after the establishment of the central courier hub through the government, all courier companies will be connected to the central courier hub. Only one-time password (OTP) verification will be done by the central courier hub.
On the other hand, to ensure escrow facilities for online purchases, payment service providers must have a contract with the merchant. Collect the product or service price from the customer on their behalf. In this case, the payment service provider plays a key role in bringing the respective merchant acquirer or business organization under the service.
