A new, international mobile remittance receiving service in Bangladesh is simplifying cross-border money transfers for 22 million citizens.
This initiative is launched by MasterCard, Western Union, bKash, a global mobile financial service (MFS) provider and BRAC Bank.
bKash's registered customers will now be able to receive international remittances via mobile, directly into their bKash accounts.
Cross-border remittances can be received by bKash customers directly onto their mobile phones or collected from a Western Union Agent location.
"We are excited to launch the new remittance service together with MasterCard and Western Union, who are leaders in their respective fields, allowing people in Bangladesh to receive money into their bKash accounts from their friends and families abroad, 24/7," said Kamal Quadir, chief executive officer, bKash. "It brings tremendous value to Bangladeshis living at home and abroad."
MasterCard provides a real-time, back-end solution via its innovative MasterCard Send Platform. This platform connects bKash, BRAC Bank and Western Union to streamline the end-to-end remittance process.
bKash's registered customers can receive remittances from every Western Union send market and channel directly into their bKash account, 24 hours a day.
Transferring money with this process requires customers to enter the Western Union money transfer control number (MTCN), amount and bKash PIN.
The request will then be processed using MasterCard's secure payment technology and funds credited to the bKash account.
"This relationship is another step towards achieving our global commitment to make the financial system accessible to 500 million more people by 2020," said Matthew Driver, group executive, Global Products and Solutions (GP&S), Asia/Pacific, MasterCard. "The widespread adoption of mobile phones, not only in Bangladesh but around the world, presents the most exciting opportunity to enable mass adoption of financial services and facilitate financial inclusion."
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