Bangladesh Postal Department's Digital Financial Service 'Nagad', Southeast Bank and Mastercard launched a new feature for Nagad's mobile app that enables users to instantly add money from their Mastercard credit, debit and prepaid cards into their Nagad accounts.
This service will be provided by Southeast Bank's Mastercard Payment Gateway Services (MPGS). Mastercard was the pioneer payment scheme in Bangladesh to launch the 'Add Money' service for mobile wallets as early as 2019.
With this service, Nagad app users can now add money to their Nagad accounts. Nagad cash-in limits will be applicable for this service. To complete seamless transactions any time of the day, Nagad users need to click the 'Add Money' button on the Nagad app interface and select the card option. Users must then provide the required card details and enter the amount they wish to transfer from the card. Users will then receive an OTP (One Time Password) on their registered mobile phone number. By entering the OTP, users will be able to complete the transaction.
This service will make it easy and convenient for Mastercard cardholders to top up their Nagad wallets, making contactless transactions possible. Southeast Bank Limited is the technology provider of this service.
In his speech, Tanvir A Mishuk Managing Director, Nagad said, "We are glad that Nagad accountholders can now easily add money to their accounts from their Mastercards, and this will eliminate the need of physically visiting 'cash in' points. Our collaboration with Mastercard and Southeast Bank Ltd will make transactions much more convenient for Nagad users in various multitudes."
Syed Mohammad Kamal, Country Manager, Bangladesh, Mastercard said, "Mastercard is proud to collaborate with one of the leading digital financial service providers, Nagad, to launch this wallet loading service for its customers. This collaboration with Nagad and Southeast Bank is another milestone in our partnership with the mobile financial services (MFS) sector. Mastercard looks forward to offering cardholders a better payments experience through personalised interoperable payments solutions that will give an enormous boost to card acceptance and digital transactions in Bangladesh."