bKash
{{Short description|Mobile money transfer service}}
{{Use dmy dates|date=November 2019}}
{{lowercase title}}
{{Infobox company
| name = bKash Limited
| logo = BKash logo.svg
| logo_size = 150px
| logo_caption = Logo since 2010
| image = BKash Head Office.jpg
| image_caption = bKash Corporate Office
| type = Private
| founded = {{Start date and age|2010|07|21}}
| founder = Kamal Quadir
| hq_location = Shadhinata Tower, 1, Bir Sreshtha Shaheed Jahangir Gate, Dhaka Cantonment, Dhaka 1206
| area_served = Bangladesh{{cite magazine |url=https://www.thebanker.com/Bangladesh-s-bKash-revolution-1456822815 |magazine=The Banker |title=Bangladesh's bKash revolution}}{{cite web |url=https://nuvei.com/apm/bkash/ |title=BKash}}
| key_people = {{ubl|Kamal Quadir (CEO)|Shameran Abed (Chairman)}}
| services = Mobile financial services
| parent = BRAC Bank, Ant Financial, Bill & Melinda Gates Foundation, Money in Motion LLC, International Finance Corporation, SoftBank Vision Fund{{cite web |url=https://www.bkash.com/node/2473 |title=bKash and Ant Financial in strategic partnership to promote financial inclusion for the unbanked in Bangladesh |website=bKash |access-date=26 February 2019 |archive-date=28 July 2019 |archive-url=https://web.archive.org/web/20190728075507/https://www.bkash.com/node/2473 |url-status=live}}
| website = {{URL|https://bkash.com}}
}}
bKash Limited ({{langx|bn|বিকাশ}} d/b/a: bkash) is a mobile financial service (MFS){{cite web |url=https://www.bb.org.bd/fnansys/paymentsys/mfs_provider.pdf |title=MFS Provider |website=Bangladesh Bank}} in Bangladesh operating under the authority of Bangladesh Bank as a subsidiary of BRAC Bank PLC.{{cite magazine |url=http://www.thebanker.com/Banking-Regulation-Risk/Bangladesh-s-bKash-revolution |title=Bangladesh's bKash revolution |magazine=The Banker}} This mobile financial service company started as a joint venture between BRAC Bank Limited, and Money in Motion LLC.{{Cite web |title=Business Model of bKash |url=https://mittalsouthasiainstitute.harvard.edu/wp-content/uploads/2014/08/Session-II-Huda-bKash.pdf |access-date=26 December 2020 |archive-date=4 November 2021 |archive-url=https://web.archive.org/web/20211104214042/https://mittalsouthasiainstitute.harvard.edu/wp-content/uploads/2014/08/Session-II-Huda-bKash.pdf |url-status=live}}
History
bKash was launched by Kamal Quadir and Iqbal Quadir. In the mid-2000s, mobile financial services Mobile Service Internet Service Value Added Service had taken off in the Philippines, Kenya, and other emerging markets when the two Quadir brothers decided to bring it to Bangladesh. In need of a local partner, the Quadir brothers began to engage BRAC's founder, Sir Fazle Hasan Abed, in 2008. Discussions between them and Abed continued over a two-year period. In 2010, they committed to establishing a joint venture between Money in Motion and BRAC Bank.{{Cite news |date=2023-04-27 |title=A brief history of bKash - Future Startup |url=https://futurestartup.com/2023/04/27/bkash-history/ |access-date=2024-10-12 |work=Future Startup |language=en-US}} bKash launched on 21 July 2011 in Bangladesh, with basic services: Cash In, Cash Out and Send Money, keeping in mind that more than 70% of the population of Bangladesh lives in rural areas where access to formal banking services is difficult for people.{{Cite news |url=http://www.brac.net/latest-news/item/463- |title=BRAC Bank's bKash Launches Mobile Banking Services in Bangladesh |work=brac |access-date=2017-07-29 |language=en-gb |archive-date=29 July 2017 |archive-url=https://web.archive.org/web/20170729221313/http://www.brac.net/latest-news/item/463- |url-status=live}}{{Cite news |url=http://www.thedailystar.net/next-step/features/bkash-of-tip-the-iceberg-1387663 |title=bKash: Tip of the Iceberg |date=7 April 2017 |work=The Daily Star |access-date=2017-07-29 |language=en |archive-date=29 July 2017 |archive-url=https://web.archive.org/web/20170729221145/http://www.thedailystar.net/next-step/features/bkash-of-tip-the-iceberg-1387663 |url-status=live}}
Services
As a mobile financial service (MFS) provider in Bangladesh, bKash users can transfer money into their mobile accounts and then access a range of services. In particular, transferring and receiving money domestically and making payments. Services like mobile recharge prepaid and postpaid package internet service Value Added Service Customer Service or paying utility bills are also possible through bKash USSD (*247#) and bKash App. A user can receive remittance on bKash.{{Cite news |last1=Harmachi |first1=Abdur Rahim |title=1% bonus on bKash remittance along with 2% govt incentive |url=https://bdnews24.com/business/2020/12/06/1-bonus-on-bkash-remittance-along-with-2-govt-incentive |access-date=2022-04-11 |work=bdnews24.com |archive-date=10 December 2020 |archive-url=https://web.archive.org/web/20201210144602/https://bdnews24.com/business/2020/12/06/1-bonus-on-bkash-remittance-along-with-2-govt-incentive |url-status=live}} In November 2021, bKash became the first ever unicorn startup (a startup whose valuation is $1 billion or more){{Cite news |date=21 Dec 2021 |title=Startups that made headlines this year |work=The Daily Star |url=https://www.thedailystar.net/next-step/news/startups-made-headlines-year-2929066 |access-date=14 May 2023 |quote=bKash became country's first Unicorn |archive-date=2 May 2023 |archive-url=https://web.archive.org/web/20230502132040/https://www.thedailystar.net/next-step/news/startups-made-headlines-year-2929066 |url-status=live}}{{Cite news |date=1 May 2023 |title=Remittance thru bKash grew by 70% during Eid |work=The Business Post |url=https://businesspostbd.com/corporate/remittance-thru-bkash-grew-by-70-during-eid-2023-05-01 |access-date=14 May 2023 |archive-date=14 May 2023 |archive-url=https://web.archive.org/web/20230514064703/https://businesspostbd.com/corporate/remittance-thru-bkash-grew-by-70-during-eid-2023-05-01 |url-status=live}} company in Bangladesh.{{Cite web |date=12 May 2023 |title=bKash CEO on the Transformative Impact of Financial Inclusion |url=https://www.bkash.com/blog/bkash-ceo-on-the-transformative-impact-of-financial-inclusion |access-date=14 May 2023 |website=Bkash (bkash.com) |archive-date=14 May 2023 |archive-url=https://web.archive.org/web/20230514065056/https://www.bkash.com/blog/bkash-ceo-on-the-transformative-impact-of-financial-inclusion |url-status=live}}{{Cite news |date=2021-11-14 |title=SoftBank investment to raise bKash's valuation to $2bn |url=https://www.tbsnews.net/economy/softbank-investment-raise-bkashs-valuation-2bn-329299 |access-date=2022-04-11 |work=The Business Standard |language=en |archive-date=16 January 2022 |archive-url=https://web.archive.org/web/20220116190414/https://www.tbsnews.net/economy/softbank-investment-raise-bkashs-valuation-2bn-329299 |url-status=live}}
=bKash App=
bKash has become an integral part of Bangladeshi daily life, revolutionizing the country's financial landscape. The mobile financial service (MFS) app offers a wide range of features, from sending and receiving money to paying bills and availing loans.
Launched in 2018, bKash quickly gained popularity due to its convenience, security, and regulated transactions. The app's user-friendly interface and diverse services have made it accessible to millions. it has been recognized as the best innovation at the Financial Innovation Category in Bangladesh Innovation Award 2018 for its simplified and useful features.{{Cite news |url=https://www.dhakatribune.com/business/2018/10/23/bkash-wins-best-financial-innovation-award |title=BKash wins Best Financial Innovation award |date=2018-10-23 |work=Dhaka Tribune |access-date=2019-11-18 |archive-date=24 October 2019 |archive-url=https://web.archive.org/web/20191024064728/http://www.dhakatribune.com/business/2018/10/23/bkash-wins-best-financial-innovation-award |url-status=live}} Key features include:
File:Gulshan 1 (49579118177).jpg
- Transaction Services: Send money, mobile recharge, cash out, payment, add money, pay bill, tickets, bKash to bank, remittance, insurance payments, microfinance, education fees, and donations.
- Financial Services: Savings schemes, digital nano loans, and reward points.
- Security: Two-factor authentication and QR code scanning.
- Accessibility: A vast network of merchants, agents, customer care points, and ATMs.
bKash has significantly improved financial inclusion, especially among the unbanked and underbanked population. Its impact on people's lives is evident in the increased access to financial services, reduced reliance on cash, and enhanced convenience. The app's popularity among young people further underscores its role in shaping the future of digital payments in Bangladesh.{{Cite news |date=2023-07-15 |title=bKash app: How the country's MFS giant is changing lives |url=https://www.tbsnews.net/tech/bkash-app-how-countrys-mfs-giant-changing-lives-665750 |access-date=2024-10-03 |work=tbsnews |language=en}}
Recognition
Fortune magazine ranked bKash 23rd among the top 50 companies in their Change the World list in 2017.{{cite news |url=https://www.thedailystar.net/business/bkash-ranked-23rd-fortunes-change-the-world-list-1462270 |title=BKash ranked 23rd on Fortune's 'Change the World' list |date=15 September 2017}}{{cite news |url=http://www.dhakatribune.com/what-the-world-says/2017/09/11/fortune-bkash-changing-world/ |title=Fortune lists bKash among 50 companies that are changing the world |date=11 September 2017 |access-date=20 September 2017 |newspaper=Dhaka Tribune |archive-date=21 September 2017 |archive-url=https://web.archive.org/web/20170921100722/http://www.dhakatribune.com/what-the-world-says/2017/09/11/fortune-bkash-changing-world/ |url-status=live}} According to the Prothom Alo, a leading national newspaper, bKash has reached a consumer base of 70 million registered Bangladeshi adults.{{cite news |author=Kamal Quadir |url=https://en.prothomalo.com/opinion/interview/98o9lq7krp |title=You can set up a company, remaining honest and transparent |date=24 July 2023 |type=Interview}} Asiamoney magazine declared bKash as the Best Digital Solution{{cite magazine |url=https://www.asiamoney.com/article/27i6gralrq1bhg3whzzls/awards/best-bank-awards/best-for-digital-solutions-in-bangladesh-2022-bkash |magazine=Asiamoney |title=Best for digital solutions in Bangladesh 2022: BKash |date=17 July 2022}}
Sponsorship
In May 2023, bKash became the regional sponsors of the Argentina Football Association.{{Cite web |date=8 May 2023 |title=La Asociación del Fútbol Argentino presenta su primer acuerdo de patrocinio regional en Bangladesh, con la compañía bKash |trans-title=The Argentine Football Association presents its first regional sponsorship agreement in Bangladesh, with the company bKash |url=https://www.afa.com.ar/es/posts/la-asociacion-del-futbol-argentino-presenta-su-primer-acuerdo-de-patrocinio-regional-en-bangladesh-con-la-compania-bkash |access-date=8 May 2023 |website=afa.com.ar |archive-date=8 May 2023 |archive-url=https://web.archive.org/web/20230508185315/https://www.afa.com.ar/es/posts/la-asociacion-del-futbol-argentino-presenta-su-primer-acuerdo-de-patrocinio-regional-en-bangladesh-con-la-compania-bkash |url-status=live}}{{Cite news |date=8 May 2023 |title=Love for Argentina recognised as AFA, bKash tie up |work=The Daily Star |url=https://www.thedailystar.net/sports/football/news/love-argentina-recognised-afa-bkash-tie-3314466 |access-date=8 May 2023 |archive-date=8 May 2023 |archive-url=https://web.archive.org/web/20230508163029/https://www.thedailystar.net/sports/football/news/love-argentina-recognised-afa-bkash-tie-3314466 |url-status=live}}{{Cite news |date=9 May 2023 |title=bKash becomes 1st regional sponsor for Argentina national team |work=Dhaka Tribune |url=https://www.dhakatribune.com/business/2023/05/09/bkash-becomes-1st-regional-sponsor-for-argentina-national-team |access-date=13 May 2023 |archive-date=13 May 2023 |archive-url=https://web.archive.org/web/20230513093458/https://www.dhakatribune.com/business/2023/05/09/bkash-becomes-1st-regional-sponsor-for-argentina-national-team |url-status=live}} Same year, bKash was the key sponsor of D1 Cup Bangladesh 2023.{{Cite news |title=Country's premier e-sports tournament D1 Cup Bangladesh, powered by Bkash offers a price money of Tk40L |work=Dhaka Tribune |url=https://www.dhakatribune.com/amp/business/322788/country-s-premier-e-sports-tournament-d1-cup}}
References
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{{Digital payment providers}}
Category:Internet properties established in 2011
Category:Payment service providers
Category:Mobile payments in Bangladesh
Category:Financial services companies established in 2011
Category:2011 establishments in Bangladesh