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MONDAY, JUNE 16, 2025
Chaldal allowed to launch e-wallet

Economy

Mahfuz Ullah Babu
23 February, 2022, 10:30 pm
Last modified: 24 February, 2022, 01:11 pm

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Chaldal allowed to launch e-wallet

ChaldalPay will offer e-payment services to other businesses in a competitive manner, according to Chaldal CEO

Mahfuz Ullah Babu
23 February, 2022, 10:30 pm
Last modified: 24 February, 2022, 01:11 pm
Chaldal allowed to launch e-wallet

Chaldal Payments Ltd, a subsidiary of the top online grocer Chaldal Ltd, has obtained a no-objection certificate (NOC) from the Bangladesh Bank to offer electronic wallet services.

The e-wallet service to be named ChaldalPay would run under the central bank's payment service provider (PSP) licence, according to the company.

Having the right infrastructure and ensuring a sound operational track record, NOC holders later obtain the final licence from the central bank.  

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"Chaldal Payments will build an e-wallet that will make online transactions more secure and safe, and will contribute to the journey towards a cashless economy," said Waseem Alim, co-founder and chief executive officer (CEO) of Chaldal.

"The e-wallet will be well integrated to Chaldal's own e-commerce operations that would make both the company's and customers' life easier," he added.

Also, ChaldalPay will offer e-payment services to other businesses in a competitive manner, according to the CEO.

Chaldal Payments in January last year signed an agreement with Brac Bank Ltd to use its settlement services which means money to be getting into or out of every e-wallet account would be settled by the private sector lender.

In Bangladesh, electronic payments are still concentrated within debit-credit cards and the cell phone wallets like bKash, Nagad, and Rocket.

They both use the same platform's account to account fund transfer system or a third party payment gateway's service for digital payments.

The Bangladesh Bank already issued PSP licences to iPay Systems Ltd, Dmoney Bangladesh Ltd, Recursion FinTech Ltd, Green and Red Technologies Limited and Progoti Systems Ltd to run e-wallets.

Besides, aspirant players with potential and a good track record in previous businesses are availing NOCs for their e-wallets.

Ride-sharing to food delivery start-up Pathao got its e-wallet NOC last year and now comes ChaldalPay.

Both the new entrants themselves are big merchants while they have a large customer base who can use the e-wallet.

Waseem Alim told The Business Standard that his company is going to invest more than the minimum regulatory threshold of Tk20 crore to maximise its preparation to thrive.

"Bangladeshi e-wallets' competition would be with the cash payment ecosystem, not within the industry," he said to highlight that the market potential is huge.

E-wallets also have to compete with the MFS and plastic card providers in digital payment services.  

Success in the e-wallet business would depend on how smooth, seamless services the provider can ensure for the merchants and consumers, he said.

Alongside, the competitive fees and charges against transactions would determine the players' market size, added the CEO.

Chaldal already has some key internal resources that might help its excellence in the digital payment business.

Its co-founder and Chief Technology Officer Tejas Viswanath is a Silicon Valley professional, while its investors' pool includes Taavet Hinrikus, the founder and chairman of UK-based Wise, one of the largest Fintech companies in the world. 

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