What is bKash? bKash Review, Features

bKash is a mobile financial services company in Bangladesh, operated by Bangladesh Bank as a subsidiary of BRAC Bank Limited. The mobile payment system originated as a joint venture between BRAC Bank of Bangladesh and Money in Motion of the United States. bKash users can deposit money into their mobile accounts and then access a range of services, especially domestic transfers and receipts, payments and purchase of airtime, etc.

About BKash

According to the data of the Central Bank of Bangladesh in 2017, bKash has a market share of 75% in the country's mobile financial services market, ranking first. According to statistics, this "national product" of Bangladesh has covered 22% of the country's residents, has more than 30 million registered accounts, and has 180,000 agent service points in urban and rural areas of Bangladesh. Now, its daily transaction volume has reached 4.5 million, making it the world's second largest mobile financial service provider.

The secure, easy-to-use, affordable and convenient mobile payment service provided by bKash has greatly facilitated the lives of the vast number of unbanked people in Bangladesh. In 2018, bKash had nearly 30 million registered users, accounting for about 80% of the market share, which shows that the mobile payment ecosystem is constantly expanding, making innovative businesses gradually richer, and people's lifestyles are also continuously changing.

bKash cooperates with many mainstream operators in Bangladesh to build payment channels. Users can open bKash accounts with Grameenphone, Robi, Banglalink, and Teletalk numbers. The account number is the user's mobile phone number, and the business operations are also carried out through the operator's USSD and SMS channels. At the same time, bKash continues to expand its cooperation with banks and international remittance organizations, and has signed cooperation agreements with many banks including Sonali Bank Limited and NCC, the largest state-owned commercial bank in Bangladesh, to provide payment and collection services to bKash distributors using the bank's nationwide business network. bKash also cooperated with Standard Chartered Bank to issue Straight2Bank wallets in Bangladesh, and cooperated with Western Union and MasterCard to open international remittance receiving services.

In terms of payment, bKash has continuously expanded its business coverage and built a payment ecosystem by continuously expanding its cooperation with merchants. It has currently connected with more than 50,000 merchants and provided payment services, covering various areas of people's lives such as stores, medical care, and education. As the number of cooperating stores continues to expand, people will be able to enjoy bKash's convenient payment experience in more and more scenarios.

bKash has greatly stimulated business development by giving full benefits to partners such as distributors and operators. The total number of bKash distribution outlets currently exceeds 160,000, and a huge business network has been built through a 4-layer hierarchical management. bKash's agents have penetrated into many remote areas, and even a small stall can continue its business until after 10 pm, which is unmatched by bank counter services.

FAQ

Q: Who can open a bKash account?

A: Bangladeshi nationals; aged 18 years and above; possess a valid photo national ID/driving license/passport; currently a subscriber of Robi, Grameenphone, Banglalink, Teletalk and Airtel.

Q: Is there any charge for opening an account?

A: No, it is completely free to open an account.

Q: Do I need a mobile phone to use this service?

A: Yes, you need a mobile phone to register and use these services.

Q: Do I need to buy a new SIM card to open a bKash account?

A: No, you can use your existing Robi, Grameenphone, Banglalink, Teletalk and Airtel SIM cards to open a bKash account.

Q: Do I need a bank account to use bKash?

A: No, it is not necessary to have a bank account.

For more frequently asked questions, please visit the FAQ page on the official website .

Development History

- In 2011, Bangladesh's BRAC Bank and the US company Money in Motion jointly established bKash to provide basic services: cash, remittances, airtime top-ups and bill payments.

-In 2013, the International Finance Corporation (IFC) of the World Bank acquired a stake in the company.

-In 2014, the Bill & Melinda Gates Foundation also became a shareholder of the company.

-On April 27, 2018, Ant Financial announced a strategic partnership with bKash, the largest mobile payment company in Bangladesh. Ant Financial will share technology and experience and work with bKash to create a local version of "Alipay" to provide more convenient and secure digital financial services to local consumers.

-As of 2018, bKash is the largest mobile financial services provider (MFS) in Bangladesh.