Nation’s First Online Payment Gateway Plans to Transform Us into a Cashless Society



ShurjoPay is Bangladesh’s first online payment gateway founded in 2010, as e-commerce was just starting to take off in Bangladesh

05 October 2021, 13:05

Last modification: 05 October 2021, 13:10

Fida Haq, MD and CEO of ShurjoMukhi Limited, works to increase people’s trust in digital payments and e-commerce through ShurjoPay. Photo: Noor A Alam

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Fida Haq, MD and CEO of ShurjoMukhi Limited, works to increase people’s trust in digital payments and e-commerce through ShurjoPay. Photo: Noor A Alam

Prior to integrating ShurjoPay (written as shurjoPay) into their system, Bangladesh International School and College (BISC) collected tuition fees from students in person, meaning that the tutor or student had to physically attend the school. to make payment.

ShurjoPay changed all that. Now, BISC students and tutors have no reason to sit in loud and exhausting traffic in the scorching heat of Dhaka, instead they can pay tuition from anywhere.

ShurjoPay is Bangladesh’s first online payment gateway founded in 2010, as e-commerce was just starting to take off in Bangladesh. An online payment gateway (PG) is a tunnel that connects your bank account to the platform where you need to transfer your money. Not only that, it also connects MFS. ShurjoPay acts as an aggregator between their merchants and all payment services (banks, MFS) available in Bangladesh. By using shurjoPay, any e-commerce business, training institute, or other institute can collect their payments from their users.

So how exactly does ShurjoPay work?

To benefit from the ShurjoPay service, a company or institution must contact them. Then said company’s website will have ShurjoPay integrated, which means that when someone visits a website, they will find ShurjoPay, where they can click and make payments using whatever platform or card they choose: it can be VISA, MasterCard, AmEx, Diners Club, Nexus Card or QCash with bKash, Nagad, MCash, Rocket, etc.

After payment is made, ShurjoPay transfers the money to the company’s bank account. In this case, when the tutors make the payment on the school website, ShurjoPay transfers it to the school bank account.

Fida Haq, MD and CEO of ShurjoMukhi Limited (written as shurjoMukhi), used the following example to explain the process: “Let’s say I sell goods online. I want the payment to be made online. But if I only accept a visa and yours is a Mastercard, you won’t be able to pay. Likewise, considering Mobile Financial Services (MFS), if I want payment to be made only through BKash, you cannot pay me using other platforms. ShurjoPay solves this problem.

Mr Rasel Kabir, Lecturer and Head of ICT Department at BISC said: “We have been using ShurjoPay for quite some time now, and I have to say that the overall experience has been exceptional.

“Since there was no online payment gateway in our country at the time, I saw that it caused a lot of problems for those who were trying to start businesses online. That is why I have decided to create ShurjoPay. Eventually I was approached by an investor, and we created ShurjoMukhi Limited and then introduced this service, ”said Fida.

For a single price of 10,000 Tk, a customer can purchase the service from ShurjoPay. This price was reduced by 50% during the pandemic. And for educational institutions, it has always been free.

However, compared to 2010, the e-commerce landscape and the volume of online payment gateways in Bangladesh have changed a lot, especially since the start of the Covid-19 pandemic. ShurjoPay is no longer alone in this market.

Photo: Noor A Alam

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Photo: Noor A Alam

Photo: Noor A Alam

What sets ShurjoPay apart from the crowd

But speaking about what makes ShurjoPay unique among its competitors in the market, Fida said, “It is the commitment of everyone involved in our team to ensure that e-merchants get the best service available on the market. 24/7 market. based.”

“In addition, we brought the Equal Monthly Payment (EMI) feature online for e-merchants. Thus, buyers of merchants can now purchase high value products using EMI through ShurjoPay. In addition, our merchant payments are regular and frequent. Thus, merchants who demand that the amount of their sales be paid daily receive it without delay, ”he continued.

He added, “We also send invoices to buyers on behalf of traders. This is how we strive to provide a rewarding experience for traders and their buyers to return to do business and make purchases online using online payment gateways. ”

ShurjoPay has also created an easy-to-use yet robust customer relationship management (CRM) system within the organization to handle all complaints about the services they provide.

Plus, they give the person who comes to them with a complaint a Turnaround Time (TAT), which is the estimated time it will take for them to get back to them with a possible solution.

Their focus on the education sector has also remained flawless over the years, allowing them to secure special education sector rates from all major cards and MFS.

The company’s long-term strategy is to strive to add innovative new fintech products and platforms to ShurjoMukhi and help transform Bangladesh into a cashless society.

“To this end, we are currently working on building a suitable infrastructure for Bangla-QR based payment for physical merchants. We will be presenting some fabulous products and platforms on this very soon, ”said Fida.

Data as collateral for loans and online small bill repayments is another area they want to work on. Fida said, “We believe a fintech like ours can pave the way for effective data collateral that can revolutionize the lending landscape for microfinance institutions and other lenders. “

Another area of ​​interest for ShurjoMukhi is facilitating in-app purchases or mobile games to help the growing community of developers and users of Android games and applications nationwide. With the authorization of the government and the Bangladesh Bank, ShurjoPay also hopes to expand its reach in this sector.

Photo: Noor A Alam

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Photo: Noor A Alam

Photo: Noor A Alam

Given the recent scandals that have arisen within several e-commerce companies, it is now more important than ever that the goal of ShurjoPay is to strive to increase people’s confidence in digital payments and e-commerce.

Fida said: “The way Ponzi-type businesses have been operating in our country in the name of e-commerce for a few years (recently exposed) has created doubts in the minds of the general public about online businesses and transactions. want to work with strong ethics, aided by robust technology, so that we can restore buyer confidence with our escrow model and set a good example for other online payment gateways to follow. “

He added: “We have always operated on a ‘trust rather than profit’ basis and I am very proud of the fact that we have allowed these platforms to use our payment gateway.”

Fida believes that the time has come for merchants in our country to become e-merchants, as online payment has become simple and commonplace for customers of various goods and services.

In this regard, Fida noted: “There is no room for complacency as we are lagging behind in the overall ranking of Fintech ecosystems. For the year 2021, Dhaka ranked dismally 225th out of 264 cities, while Bangladesh languishes at 78th out of 83 countries. . ”

However, with Bangladesh ranking 103rd out of 110 countries in the 2021 Digital Quality of Life Index, the lowest ranking in the subcontinent, the lack of internet access across Bangladesh is still a major barrier to the transition. to a digital country.

Fida said, rightly, “I travel to many parts of Bangladesh and what I have painfully noticed during my stays is the very erratic nature of the internet connectivity provided by our mobile operators. you move away from town to town to town, the broadband connection is almost non-existent and the quality of mobile data connectivity drops sharply. “

“Bangladesh ranks among the lowest in the world in terms of digital quality of life, primarily due to our performance in mobile internet speed. This needs to be resolved as soon as possible, otherwise we will not be able to compete with the rest of the world in many areas, not just e-commerce, ”he concluded.


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