FSS (Financial Software and Systems) is collaborating with Bangladesh’s BRAC Bank to facilitate digital commerce in the market.
Under the agreement, FSS will provide its Omni-channel Acquiring Platform to BRAC Bank to onboard merchants and enable digital payment acceptance across multiple touchpoints. The platform is modular, and consolidates online, mobile, and in-store payment acceptance onto a single system to help merchants expand their digital business.
The platform supports a wide range of global and alternate regional payment methods and adapts to any channel. Merchants can introduce a range of payment capabilities such as Quick Response (QR) codes on standard POS and e-commerce channels or contactless (tap and pay) payments to deliver superior, secure transacting experiences to customers.
According to the eCommerce Association of Bangladesh (e-Cab), over the last three years digital payments have recorded 100% year-on-year growth. The e-commerce industry is expected to grow to US$3 billion by 2023, driven by growing consumer preference for online and touch-free payments.
Archit Mylandla, Executive Director of FSS, said: “We look forward to collaborating with BRAC Bank to expand its merchant payment capabilities and advance adoption of digital payments in Bangladesh. Our globally proven technology platform gives BRAC Bank the scalability and the flexibility needed to evolve with the market through continual product innovation and delivery of superior payments experiences to merchants.”
Khairuddin Ahmed Bappy, Head of Merchant Acquiring at BRAC Bank, added: “The partnership helps us to lead the development of Bangladesh’s payments ecosystem and connect it with the wider region—and the rest of the world.”