Chaldal, Bangladesh’s one of the leading online grocery retailers, in a move to integrate payment services into its existing operation has recently received a no-objection certificate (NOC) from the Bangladesh Bank as a payment service provider (PSP).
Over the years Chaldal, with the help of its subsidiaries, has undertaken a number of initiatives to diversify the delivery system for groceries, food, and medicine through GogoBangla, Cookups, and BanglaMeds. The grocery retailer has been planning to build an e-wallet platform for a long time, through its subsidiary Chaldal Payments.
The company stated in a press release, Chaldal Payments intends to use its PSP license to develop an e-wallet system with the aim of making online transactions safer, faster, and more secure. According to Waseem Alim, chief executive officer of Chaldal’s statement “The digital payment service will help Chaldal further integrate its existing operations while providing access to the wider market.” Chaldal, recently entered into an arrangement with Brac Bank to make the lender its settlement partner. This move will help the online grocery retailer to expand its operation beyond supply chain and logistics and strengthen its network.
As digital payments become increasingly popular in Bangladesh, Chadal’s move coincides with other top technology start-ups in the country working to expand their footprint in the financial technology sector. So far, five other businesses – iPay Systems Ltd, D Money Bangladesh Ltd, Recursion Fintech Ltd, Green and Red Technologies Ltd, and Progoti Systems have received PSP licenses. After receiving NOC, an organization can apply for the license within a year after implementing the required technical infrastructure.
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