Warning Against Unlicensed Transactions
Bangladesh Bank Flags 22 Payment Platforms
- 22 unlicensed payment platforms identified
- Unauthorised payment services are punishable by law
- Users advised to avoid transactions through them
Bangladesh Bank has identified 22 payment platforms or gateways allegedly operating without approval or licences from the central bank. It has advised the public not to conduct financial transactions through the platforms.
In a warning issued on Sunday, September 27, the central bank’s Payment Systems Supervision Department said operating payment services without Bangladesh Bank approval and conducting financial transactions through such platforms are unlawful and punishable offences.
Licence Required for Payment Services
Bangladesh Bank said Section 4(2) of the Payment and Settlement Systems Act, 2024 prohibits any person, institution or company from operating a payment system or providing payment services in Bangladesh without a licence from the central bank.
Section 37(1) of the same law provides for punishment for violations. The central bank warned that transactions through unlicensed platforms could expose users to financial losses as well as legal complications.
The central bank advised users to verify whether a payment service provider is properly authorised before making online payments or other financial transactions. It also urged the public not to engage in transactions or other activities through the identified platforms.
22 Platforms Identified
The platforms identified by Bangladesh Bank are BohudurPay, ZiniPay, PayTiller, BengaliPay, Payora BD, SohojPay BD, EasyPayWay, AK Pay, BD PAY, ShajgarPay, AsthaPay, CPay, UddoktaPay, Walletmix, BttPay, Easy Pay Automation, UniquePay BD, BD AUTO PAY, RH Pay BD, EzePay, AutoPay.Ltd, Biswasto and PipraPay.
The central bank’s warning has renewed attention on the importance of using authorised payment service providers for online transactions.
//DBTech/BNO/MPO/FNF//
