DataSoft and Fyne Tech has launched a mobile payment technology in collaboration with DBBL that they hope will change how we make payment through mobile phones by making digital payment easy and convenient.
A new mobile app, called Pay 365, allows smartphone users to make payment at any retail stores through their mobile phones. The app works like a mobile wallet. The users of the app will generate a QR code from the app and scan their phone at Pay 365's merchant's outlet. Users will only need to enter their Debit and credit numbers once during sign up and then just a security pin code for every subsequent transaction. And they would not need to carry their cards anymore.
Dutch-Bangla Bank Ltd (DBBL) will work as acquirer and Datasoft as payment aggregator for the app. Payment would be enabled by using the DBBL tokenisation platform. All the users' information will be encrypted and securely saved by Dutch-Bangla Bank. DBBL’s mobile banking account holders can pay with Pay 365.
Mobile banking has experienced an outstanding growth in Bangladesh in the past years. The value of the daily mobile banking transaction is now about BDT 606 crore, which is going to grow further in the future. Payment through mobile is way more convenient and accessible than many other mediums. If executed well, as Mahboob Zaman of DataSoft said during the launch program of Pay 365, a digital mobile payment service will transform both payment and commerce both.