Bangladesh Bank will introduce escrow service for e-commerce1 min read

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The Bangladesh Bank is set to introduce an escrow service that will allow online shoppers to cancel purchase orders paid in advance any time after ordering a product and get a refund.

 

Under the new set of rules, banks and financial institutions will be in charge of keeping the advance payments to themselves until the seller submits the documents of successful product delivery. After the successful delivery of the products, sellers can claim the money and the price of the goods will be transferred from the payment gateway to the account of the e-commerce company.

According to data by the Bangladesh Bank, e-commerce payment gateway services are provided by IT consultant Limited, SSL Commerce Limited, Surjomukhi Limited, Pragati System Limited, Portonics Limited Payment System Operator (PSO), Dutch-Bangla Bank, BRAC Bank, Eastern Bank, Southeast Bank, Prime Bank, and City bank.

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