Daily Dhaka Times: Online money transfer service PayPal+Xoom service has been launched in Bangladesh to pave the way for hassle-free electronic fund transfer, increase the access to foreign consumers and ease the inflow of remittances and earnings from foreign companies.
Sajeeb Wazed Joy, prime minister’s adviser for information and communication technology, inaugurated the international gateway at a function at Bangabandhu International Conference Centre in Dhaka.
PayPal users will be able to avail the service in approximately 12,000 branches of nine banks, including Sonali Bank and Rupali Bank, according to State Minister for ICT Zunaid Ahmed Palak.
“We have succeeded in our first step,” he said at the launch. “We firmly believe that we will emerge as one of the digital economies in the near future.”
PayPal has enabled nearly 200 million individuals and businesses to transfer funds electronically since its launch in the US in December 1998.
PayPal available in more than 200 markets around the world and enables its account holders to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold PayPal account balances in 25 currencies.
In Bangladesh, PayPal will be particularly useful to around 550,000 freelancers and about 700 e-commerce websites.