e-Commerce and Payments in Bangladesh
Quietly emerging as the next Asian success story.
The nation surprised many last year when it unexpectedly posted a higher per capita income than India, the burgeoning economic powerhouse next door, thanks to an economy that had been growing an impressive 8% annually. With a developing middle class and increasing use of mobile technology, Bangladesh is now closely resembling other Asian nations.
Market Overview
-
Population
172.9 million
-
Online Population
50.95 million
-
Currency
BDT
-
e-Commerce Market Value
$7.63 billion
-
GDP
$485.51 billion
-
GDP per Capita
$2,469
Available Local Payment Method
BKash
Type
e-Wallet
Regions
Asia Pacific
Nagad
Type
e-Wallet
Regions
Asia Pacific
Key Takeaways
- People in Bangladesh are becoming more aware of the convenience of online buying and digital transactions as the country’s e-commerce industry expands quickly. As a result, they now favor online transactions more and use online banking services.
- Internet banking is developing quickly thanks in large part to government measures to digitalize the financial services industry, such as the creation of electronic platforms like NPSB (National Payment Switch Bangladesh) and BEFTN (Bangladesh Electronic Funds Transfer Network).
- For digital payments and services, the future is promising. Bangladesh’s 4G network already has 95% coverage, and by 2025, 6% of the population is anticipated to be utilizing 5G.
