PathaoPay to roll out later this year

Pathao is planning to roll out its digital payment wallet PathaoPay later this year.

Digital Payments Limited, a wholly-owned subsidiary of the ride sharing, food delivery and e-commerce logistics startup, was awarded the payment service provider (PSP) license by the central bank on Sunday to operate the services within Bangladesh.

PathaoPay will enable consumers and small businesses to complete fast, easy and secured payments, providing tools to save and spend responsibly as well as access to funds to manage customers' finances or meet their business needs, according to a statement by the company.

"Pathao is far more than a brand, or a suite of products – it is a lifestyle. We look beyond to identify ways we can make lives easier for our users, by utilising our technology. This has led us towards building a fintech platform on top of Bangladesh's largest digital services company," said Fahim Ahmed, managing director and CEO of Pathao.

"We are a trusted platform for young Bangladeshis who are adopting technology fast and moving their purchase behaviour or business operations online. PathaoPay will give them the freedom to spend however they want, manage their finances as they should, and access their funds whenever they need," the Pathao CEO added.

Pathao's logistics businesses serve over eight million consumers, 300,000 daily earners and 60,000 small businesses, reads the statement.

"By harnessing its data, analytics and engineering capabilities, Pathao is uniquely positioned to solve the financial access problem of customers," the statement added.