E-commerce payment made easier for buyers abroad
Bangladesh Bank yesterday brought ease to e-commerce payment methods meant for buyers abroad, a development that would draw more attention to Bangladeshi products from overseas consumers.
Cross-border exports under e-commerce were earlier allowed only against payments received over the internet before shipment.
From now on, local exporters will be allowed to realise the payment after shipping the goods, according to a central bank notice.
This means foreign payment service providers, which are dedicated to settling transactions between overseas consumers and local exporters, will get relief from having to enable payments before the release of products by exporters, said a central bank official.
But such merchant service providers, which are third parties to help merchants accept payments, will have to maintain an adequate balance with local banks such that local exporters can smoothly receive payments against purchase of their goods.
The payment service providers enable merchants in accepting credit and debit payments as well as fund transfers through internet banking.
They provide both a merchant account and a payment gateway, ensuring that businesses can collect and manage their payments in a simple and efficient way.
Bangladeshi products may further attract more foreign buyers in the global market due to the latest relaxation, said the central bank official. As per the central bank rule, banks can allow such exports from e-commerce websites for individual sales of up to $500 or equivalent under cash on delivery and payment on shipment.
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