The central bank on March 24 issued the licence to the company for providing the e-wallet service
Recursion FinTech Limited has secured permission from the Bangladesh Bank to function as a payment service provider.
The central bank on March 24 this year issued the licence to the company for providing the e-wallet service. The company will introduce the service as "Cashbaba".
Earlier, iPay Bangladesh and Dmoney had received the licence as e-wallet service providers from the central bank.
Akiqur Rahman Choudhury, founder and chairman of Recursion FinTech, said the e-wallet service provider runs its business from Panthapath in Dhaka.
"We had a target to launch the service in April, but the novel coronavirus pandemic has delayed the schedule. But we hope to launch it before July this year," Mohammad Arif Hossain, managing director and a co-founder of the company, told The Business standard.
The newly-licensed company claims that it is the first payment card industries-data security standard (PCI-DSS) and ISO 27001 compliant payment service provider of the country.
Arif said, "We are determined to provide secure and comparatively cheap payment solution in the country."
"We have some promotional programmes to get a quick response from our targeted customers," said the managing director.
Officials at the central bank said the companies could provide cardless payment solutions on a limited scale.
However, they cannot provide account opening facilities like mobile financial services. Only mobile banking account holders or bank account holders can receive the service from e-wallet service providers.