Mordernization of Bangladesh Postal Service
In sync with the “Digital” concept of The Honorable Prime Minister, and to more dynamic and service oriented, Bangladesh Post Office has also introduced Electronic Fund Transfer (EFT). Honorable Prime Minister launched the Postal Cash Card on Independence Day to improve Postal Money Order Service.
IT Consultants Limited and Bangladesh Post Office are rolling out this massive project under joint collaborations and revenue sharing basis. ITCL/Q-Cash is giving total technology solution and knowledge transfer for these services. ITCL own and operate Countries largest Payment Network with 26+ banks sharing Q-Cash Payment Gateway for domestic transaction settlement. The EFT Solution and Postal Cash Card can also be integrated with Mobile Payment Platform (MFS) very soon. Moreover, EFT POS Terminals are GPRS-enabled; as a result there is no limitation on mobility. Postal Cash Card can be used by all Government entities and subsidiaries to facilitate value added services by tagging this card with their system. Card to Card (P2P) transfer, account to card, card to mobile wallet, G2P subsidies, pension, grants and P2G taxes and other Governmental revenues can also be facilitated.
The Postal EFT Money Order Service shall be available with an extensive network of nearly 10,000 Postal Branches across the Country and different value added EFT solutions shall be provided through this network to Post Office Clients and other un-banked people. In addition Postal Cash Card users having access to all Q-Cash Network member banks ATMs and merchant network all over Bangladesh. This initiative will enable people to remit money to any corner of the country within minutes through a Postal Cash Card instead of existing Money Order Service which take almost a week.
- Bangladesh Post Office has huge base of depositors (postal passbook holders), and with the help of Postal Cash Card the money will be circulated within the economy quickly.
- The rural people are mostly into receiving services of Post Office; Postal Cash Card will enable them to have a freedom of choice.
- Rural Women will feel more independent than ever before as they will own their own card and be operating on their own.
- Bangladesh Post Office itself will be able to deliver greater level of services to its clientele and the mass people.
- There are 26 Banks connected to Q-Cash Network. People who are far away from bank branches will also be able have access to banking services through Post Offices.
- The backlog which has been created in the Postal Department will be eased through this EFT service, with faster circulation of money, especially in the rural areas. The economy in the villages shall be uplifted due to Financial Inclusion.
ITC / Q-Cash financial inclusion strategy empowers Bangladesh unbanked population
Learn how Bangladesh’s unbanked population is being empowered with banking and allied services with Q-Cash financial inclusion strategy. ITC has tied up with Bangladesh Post Office (having over 10,000 branches across the country and over 35,000 delivery mans) and is taking the cause forward to provide the banking facilities in rural areas.
In this video, we showcase how Q-Cash strategy has simplified the life of millions of people in remote villages. They can now receive their pension, remittance and other payments within few minutes without any hassles. It also provides employment opportunities, wherein qualified individuals are employed to manage the service locally.
Range of Service
- Electronic fund transfer/payments/money order
- Cash withdrawal (cash–out)
- Cash deposit/top–up (cash–in)
- Balance inquiry
- Person to Person fund transfer
- Money withdrawal from any Q-cash ATMs
Upcoming Services :
- Disbursement of Government subsidies
- Automated BRTA tax collection (using card & EFT POS)
- Utility bill collection (Wasa, Desa, etc.)
- Loan/insurance premium collection
- Corporate Salary/pension disbursement
- Purchase of BPO products
- Integration with Postal Savings Accounts (Postal Debit Card)
- E–Commerce & M–commerce transaction facility
Benefits Of The Service:
- Electronic fund management
- Greater transparency
- Fast delivery to the beneficiaries
- Increased efficiency & security
- Better planning, budgeting & fund management
- Reduced pilferage & duplication
- Effective economic tool
- Reduced disbursement overhead cost
- Agricultural subsidies
- Senior citizen allowance
- Medical allowance
- Freedom fighter allowance
- Widow allowance, etc.