Moving Money. Empowering a Nation.
Moving Money. Empowering a Nation.
Introduction
Founded in 2011, bKash is a name synonymous with development, people’s empowerment, business success and social growth not just in Bangladesh but globally. As a leading mobile financial services provider, bKash has been revolutionising the financial landscape of Bangladesh, providing an array of financial services, from remittances to bill payments, to its large customer base of over 80 million.
Quite like TerraPay, financial inclusion is in bKash’s DNA. So, when the latter was seeking a partner to meet its technology, infrastructure and compliance needs, TerraPay stepped up to the task.
The Challenge
- Cash dependency
- The lack of interoperability
- Fragmented remittance landscape
Why TerraPay
- TerraPay and bKash joined hands at a time when we were in our formative years, determined to find a way to put mobile wallets at the driving wheel of secure, instant, inclusive, and interoperable payments. With the help of TerraPay’s technology and network capabilities, bKash strengthened its remittance service, enabling transfers that were completed in less than a minute!.
- Through the course of our partnership, we have rapidly accelerated digital adoption among the Bangladeshi diaspora and their loved ones, also empowering bKash to deepen its global partnerships, while supporting the company in its efforts to fuel the country’s remittance inflow.
- Partnering with TerraPay enabled bKash to become top mobile financial services provider to process remittances. Today, the company works with banks to handle FX transactions for inbound remittances and actively collaborates with other industry players to ensure the uninterrupted flow of funds.
- Leveraging TerraPay’s platform, bKash was able to seamlessly handle the high volume of inbound remittances from across the globe. Additionally, bKash was able to offer its customers greater flexibility and increased convenience while accepting remittances.
The Result
Connecting the World to Bangladesh
From USA to New Zealand, from the UK to South Africa, from Brazil to the UAE — bKash now enables frictionless inbound payments from 60+ countries globally to Bangladesh.
99.9 %
of transactions successfully received in under 30s
> 1000
Seamless processing of transactions per second
“Through our long-standing partnership with TerraPay, we have been able to break down significant barriers to the remittance landscape in Bangladesh. Working together, leveraging TerraPay’s global network and technology, we’ve not only improved our remittance processing capabilities but also expanded our range of services to millions. This partnership has been crucial in enabling families of migrants to receive remittances seamlessly through legal channels, thus, contributing to the government exchequer.”
99.9 %
of transactions successfully received in under 30s
> 1000
Seamless processing of transactions per second
