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The facility of sending money to Rocket is coming from Bikash

The facility of sending money to Rocket is coming from Bikash

What if money could be sent from Bikash to Rocket? It would be very convenient, isn’t it? Just such a service is coming very soon through which money can be sent from Bikash to Rocket in moments.

A new service named “Binimoy” is coming, through which money can be sent from the bank to MFS and from bank to MFS along with Mobile Financial Services (MFS) services like Bikash Rocket. India already has United Payment Interface (UPI) which does the same. Our country’s Inter-Operable Digital Transaction Platform or IDTP will be created on the model of UPI. And this service is named “Binimay”. This new service will add another dimension to digital transactions in the country.

Although the official launch is scheduled for November 13, it is reported that this new service will be launched from Sunday, 6th. The “Exchange” has cost Tk 65 crore, which is being provided by the Innovation and Entrepreneurship Development Academy Establishment (IDEA) project of the Information and Communication Technology Department and Bangladesh Bank.

Banks and MFS under “Binimoy” can be transacted among themselves. That means transferring money from bank to MFS or from FFS to the bank is going to be real and easy. Customers do not have to charge any fee for this money transfer. However, Bangladesh Bank will determine the fee for this service later. Being a government service, although the fee is low, the related institution may charge additional fees.

A similar project was earlier slated to be launched, but was eventually shelved. In the said process, MFS and banks were expected to get the facility to transact money between each other. Even though it was started, the work of this project was finally stopped. Money transfer facility from BKash to Rocket, Rocket to Bank, etc. Through National Payment Switch Bangladesh (NPSB) was operational. This service was supposed to be operational on October 27, 2020  but finally it was no longer operational .

This desired facility is finally going to be launched under the title of the exchange. However, not all banks, MFSs and Payment Service Providers (PSPs) will be covered by this service. According to Prothom Alo report, Sonali Bank, BRAC Bank, Islami Bank, Eastern Bank, Mutual Trust Bank, Midland Bank, Pubali Bank, United Commercial Bank, Al-Arafah Islami Bank and Dutch-Bangla Bank is going to join this service

MFS is going to be linked to development and rocket exchange. Apart from this, Pragati System’s Talipe service as a PSP is also joining the exchange. But other MFS like cash, means etc. Are also expected to come under this.

How the “exchange” service will work

In just a few days, the exchange service will be open to everyone. But in the beginning there is no app for exchange. For now, the exchange will be added as a service to the apps of banks and MFS. Customers register to use the exchange. After completing the registration, the ID will be created by adding after the name. After successful completion of registration “Send Money” and “Receive Money” two options will appear. Then customers can send money using phone number or exchange ID.

Initially, the exchange will function as a transaction service only. But later the exchange app will come due to which metro rail fare, toll payment, NBR service and various service bills will be added step by step in exchange. This service is going to bring a big change in the financial sector.

Prothom Alo writes that even if this project is undertaken with an initial cost of 55 crores the cost of the project may be up to 65 cores. Orion Informatics Limited, Microsoft Bangladesh Limited, Fintech Solutions Limited and Sain Venturers Limited; These four institutions have been appointed to implement this process. At the rate at which the number of MFS usage is increasing, the difference between banks and MFS in the digital transaction system will soon diminish.

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