State-owned Rupali Bank is preparing to roll out its new mobile financial service, RupaliCash, tomorrow, following the closure of its previous platform, SureCash, in September. The bank plans to offer the service using its own technology, aiming to provide a modern, customer-focused alternative.
RupaliCash will allow users to open eKYC-based accounts, deposit and withdraw cash, transfer funds between wallets, check balances and transaction statements, disburse and receive salaries, recharge mobile phones, and make merchant payments. Customers can also move money directly from Rupali Bank accounts to RupaliCash wallets without any charges. stated in a report.
Kazi Md Wahidul Islam, managing director of Rupali Bank, emphasized the convenience of mobile banking, highlighting that RupaliCash has been designed with multiple features to meet customer needs. The bank also plans to expand the service in the future to include savings, microcredit, remittances, e-commerce, credit card transactions, and ATM cash-out facilities.
Rupali Bank first launched its mobile financial service in 2016 and has faced operational challenges with previous technology partners. The move to RupaliCash marks a fresh start with upgraded features and independent technology.
The mobile financial service sector in Bangladesh remains competitive, with 13 providers currently operating, led by bKash, Nagad, and Rocket. As of July, MFS accounts totalled 14.58 crore, with transactions amounting to Tk 1,48,566 crore.
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