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Screenshot of a breaking news alert e-mail from Q2 2017
Mastercard Inc (NYSE:MA), The Western Union Company (NYSE:WU), bKash and BRAC Bank today announce the launch of a new, international remittance receiving service in Bangladesh.
The new service enables bKash’s registered customers to use their mobile phones to get remittances from abroad directly into their bKash accounts. bKash has attracted more than 22 million customers since its launch in 2011.
Now people across the world can use Western Union’s global network for sending cross-border remittances that can be received by bKash customers directly onto their mobile phones or collected from a Western Union Agent location.
MasterCard provides the real-time, back-end solution via its MasterCard Send Platform, which, by connecting bKash, BRAC Bank and Western Union, helps to further bolster the efficiency and reliability of the end-to-end remittance process.
By using the new service, bKash’s registered customers can receive remittances from every Western Union send market and channel directly into their bKash account, 24 hours a day. The process is simple to use – customers simply enter the Western Union money transfer control number (MTCN), amount and bKash PIN and the request will be processed using MasterCard’s secure payment technology and funds credited to the bKash account.
The service accepts single transaction remittances of up to BDT 35,000 (about US$500); up to BDT 115,000 (approximately USD $1,500) over five transactions per customer per day; and combined monthly remittances of up to BDT 150,000 (approximately US$1,900) and a maximum of 20 transactions a month.
Once the transfer is completed, the funds can be accessed instantly. Customers can then either cash out the money via bKash agent locations across the country, or can utilize the account balance to make person-to-person fund transfers, top-up mobile airtime, pay bills and shop in-store. They can also store the money in their bKash accounts and earn interest on savings.
Kamal Quadir, Chief Executive Officer, bKash said:
“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. It brings tremendous value to Bangladeshis living at home and abroad.”
You can view the full announcement on the partnership by clicking here.