Progoti Systems announced that it has obtained the Bangladesh Bank license to work as a payment service provider (PSP) as per the Bangladesh Payment and Settlement Systems Regulations 2014. The company said it will launch a digital payment service in the near future. The product named NoboPay is currently in beta and the company did not announce a date for the commercial launch.
Progoti's previous attempt at payment with SureCash is a mixed bag. SureCash tried and did several things right. But it could not break out in the market for various reasons including strategic missteps, competitive pressures, and lack of resources.
This time around, the company has certain advantages. One for the experience. It understands the market and its limitations. Second, it has built a successful bookkeeping product for small businesses called TallyKhata that can offer it significant leverage in the market. More on that in a moment.