Electronic payments in Bangladesh may increase 20-fold over the next five years following increasing trisection through mobile phones and the government effort to include people into formal financial system, said the MasterCard Inc on Thursday. ‘Mobile may actually be the place where payments take over in Bangladesh. Enabling mobile payment solutions is what we’re focused on,’ MasterCard group executive for global products and solutions TV Seshadri told Bloomberg on the day.
He said the annual value of electronic payments may jump to $10 billion from existing $500 million.
The country has 100 million mobile-phone subscriptions, compared with 5 million payment cards, he said. MasterCard this week opened a representative office in the South Asian country, where it works with banks.
-With New Age input
