Consumers in Dhaka, Bangladesh can now pay for fast food at two famous chain restaurants, just by scanning QR codes from a popular mobile financial services app. This innovative venture is a step forward in terms of introducing citizens of Bangladesh to practical MFS (mobile financial services). Although there is a typical banking system in Bangladesh, as well as some mobile financial services, half of Bangladesh’s population do not have bank accounts. Many citizens of Bangladesh find conventional banking to be a complicated process. As citizens get familiar with fintech, they will find it much easier to make mobile payments and manage their money.
Fintech came to Bangladesh in 2010
Whether you call it MFS or fintech, it’s not brand-new in Bangladesh. MFS has been around since 2010. These days, Bangladesh’s youth represents 34.8 percent of the population. These millennials tend to adapt to newfangled tech with ease. Younger citizens are certainly a target market for fintech, and may introduce mobile financial services to their elders. Entrepreneurs who want to profit from the digital economy in Bangladesh should consider the potential of fintech which is taking many other countries by storm. Penetration will be slower in Bangladesh (especially in rural areas), but it will still happen.
Mobile financial services create business opportunities
The power of fintech goes far beyond being able to pay for a burger and fries with an app. It’s creating business opportunities that residents of Bangladesh may take full advantage of, whether they choose to work in their home country or work online in other nations. Since ninety million people in Bangladesh now use the Web, and most do so on smart phones or other mobile devices, fintech may revolutionize the financial system in the nation. Changes to the financial system are long overdue.
Fintech empowers residents of Bangladesh
Mobile payment services, like the app that allows users to grab food on the go, without using cash or debit/credit cards, give people more autonomy over their financial lives, in addition to so much convenience. Those who shy away from typical banking may embrace banking on their smart phones instead. More fintech payments also mean more accountability, which helps when it comes to collecting taxes. Fintech is good for the country, from every possible perspective, for an array of great reasons.
Author: Jenny Holt