Payment gateways play a vital role in facilitating seamless transactions from customers to merchants, ensuring secure and fraud-resistant financial interactions. In Bangladesh, the Fintech industry has seen remarkable growth, with numerous companies offering payment gateway services. Businesses and consumers alike can explore these options to find the most suitable payment solutions.
Current Payment Solution Landscape in Bangladesh
The aftermath of the pandemic witnessed a significant surge in internet usage and digital payments in Bangladesh. Both urban and rural areas have embraced contactless payment methods, propelling the growth of the Fintech sector in the country. The payment ecosystem is transitioning from cash-based transactions to online and point-of-sale digital payments. Projections suggest that the digital payment transaction volume was USD 9.83 billion in 2022 and is expected to reach USD 21.4 billion by 2027. To enhance user experiences, businesses are incorporating various payment methods such as card payments, digital wallets, and online money transfers into their models. The government has introduced initiatives like the Interoperable Digital Payment Platform (IDPP), Pro-Internet Banking policies, and micro-merchant support to further promote digital payment sector growth.
Criteria for Evaluating Payment Gateways in Bangladesh
When selecting payment gateways in Bangladesh, businesses should consider several crucial factors:
Reliability: Payment gateways should efficiently manage the three-step process of authorization, settlement, and security to ensure prompt transaction processing.
Supported Currencies: As many Bangladeshi businesses interact with international clients, a payment gateway should offer hassle-free currency exchange without excessive fees.
Payment Options: Providing various payment methods such as net banking, card payments, mobile/digital wallets, and QR payments enhances the consumer experience.
Market Integrations: Payment gateways must offer multiple integration systems for different devices and marketplaces to ensure a seamless client experience.
Security: The security of cash transfers is paramount. Payment gateways should adhere to PCI DSS security standards and implement additional internal measures to protect client data.
Pricing and Fees: Businesses should understand the overall cost of a payment gateway, including setup charges, annual fees, commission fees, and any hidden costs.
Here is a list of the top 10 payment gateways in Bangladesh:
SSLCOMMERZ
Supported Currencies: BDT, EUR, GBP, AUD, USD, CAD
Payment Options: Visa, Mastercard, and more
Security: PCI DSS Level 1, ISO 27001, DigiCert EV SSL
Portwallet
Supported Currencies: Multi-currency support
Payment Options: Visa, MasterCard, bKash, Nexus
Security: PCI-DSS compliant
AamarPay
Payment Options: bKash, Rocket, Visa, MasterCard, and more
Security: PCI DSS Level 1
Supported Currencies: BDT only
Stripe
Supported Currencies: 135+ currencies
Payment Options: Cards, bank debits, bank transfers, and more
Security: PCI DSS Level 1
ShurjoPay
Supported Currencies: All currencies
Payment Options: All Debit/Credit cards
Security: PCI-DSS Level 1
BTTPay
Supported Currencies: Support for 100+ currencies
Payment Options: All major Debit and Credit Cards
Security: PCI-DSS Level 1
2Checkout
Supported Currencies: All major currencies
Payment Options: American Express, Visa, MasterCard, and more
Security: PCI-DSS Level 1
Easy Pay Way
Supported Currencies: BDT
Payment Options: Visa, Mastercard, Nexus debit/credit cards
Security: SSL Encryption
WalletMix
Supported Currencies: Information Available on request
Payment Options: Visa, MasterCard, and more
Security: PCI-DSS, SSL, CCV, AVS
Authorize.Net
Supported Currencies: All currencies supported
Payment Options: Discover, Visa, MasterCard, and more
Security: Highly secure
Local Payment Gateways and the Evolving Business Landscape
The burgeoning FinTech market in Bangladesh has created a wealth of options for businesses. Small and medium-sized enterprises seek easy-to-integrate, codeless, cost-effective payment services, while larger enterprises require modular, customized payment solutions. Supporting multiple international currencies at competitive exchange rates is essential, as businesses aim to cater to diverse needs on a single platform.
How Web Technology Expert (formerly web technology expert) Simplifies Multiple Payment Gateway Integrations in Bangladesh
Web Technology Expert (formerly web technology expert) is an all-in-one payment integration solution offering over 30 payment methods. Customized solutions are available for e-commerce, subscription services, content and marketing services, and marketplaces. With a user-friendly dashboard, Web Technology Expert makes it easy to manage funds securely. The system complies with PCI standards, and a dedicated internal security team ensures all security measures are in place, safeguarding clients from fraudulent activities.