Payza, the London-based digital payment service company that has been operating in Bangladesh for the last couple of years, has announced that it will shut down its platform in Bangladesh, effective from 16th October 2018.
In an email sent to Payza users in Bangladesh, the company requested users to withdraw their money from Payza account by 16th October and said that the Payza BD platform will no longer be functional after 16th October and said that users would not be able to withdraw fund after the deadline. It has also sent details instruction regarding how to withdraw fund from any Payza account. Here is a part of the email that Payza sent to its users that FS has viewed:
“Dear Payza e-Wallet Member,
As you all are well aware that Payza.com has ceased to provide services since early this year due to some compliance issues in USA. Consequently Payza services for the Bangladesh market have been impacted. As of 16th October 2018 the Payza BD Platform will no longer be functional. Please be advised that any remaining BDT (Local Currency only) Funds in your wallet will have to be withdrawn by 16th October, 2018.
After this deadline, you will no longer be able to withdraw your funds online.
Please note that, from now onwards there will be no minimum withdrawing restriction and no Fees will be charged for withdrawing your balances.”
The email then goes on to detail how to withdraw money from any Payza account. Payza has been going through a legal problem with the United States government since early this years. The founder (s) of Payza has been accused of illegal money transferring and other fraudulent activities in the USA, you can read the details here.
Payza was launched in Bangladesh in 2012. It really started pushing for growth from 2015. It had launched several interesting features and products for Bangladesh market and also entered partnerships with a handful of local players. There is a handful of similar cross-border digital payment services operating in Bangladesh including Transpay by Transfast, Xoom from Paypal and Payoneer. These services are particularly popular among freelancers and IT outsourcing companies.