Service Hub Obtains Payment Operator License from Central Bank
Bangladesh Bank on Thursday issued a Payment System Operator (PSO) license to Service Hub to provide online payment services in the country.
The company will operate under the PayStation brand and will be able to facilitate payments in the e-commerce sector, according to a circular issued by the regulator.
The tech company won approval two years after filing an application with the regulator that went through several stages of verification, according to a central bank official.
The Payment Systems Department (PSD) of Bangladesh Bank licenses two broad categories of service providers: Payment Service Providers (PSPs) and Payment System Operators (PSOs).
It grants a PSP license to the company that facilitates payments or payment processes directly to customers and settles their transactions through a regular bank or financial institution.
A total of eight PSO institutions have been sanctioned so far, including Service Hub.
The others are IT Consultants, Software Shop, ShurjoMukhi, Portonics, Walletmix, Soft Tech Innovation and Optimum Solution & Services.
On the other hand, there are five PSP companies including iPay Systems, D Money Bangladesh, Recursion FinTech, Green & Red Technologies and Progoti Systems.
Managing Director and CEO of Service Hub, Mohammed Faruk Hossain said, “I would like to express my sincere thanks to Bangladesh Bank for the confidence placed in us by issuing the license which will surely help us improve the scenario of financial inclusion of bangladesh. As part of this license, we want to create a robust and secure payment platform that aims to provide a privileged experience for both businesses and customers. »
It is also important to mention that PayStation started its journey in 2019 and serves over 3000 outlets across the country in addition to some enterprise customers where we provide mobile top up and other utility services under agreement with different mobile and bill payment service providers, he added.
Paystation believes payments should be effortless and sees itself as an invaluable collaborative partner and ally for businesses and individuals who can equip them with the right payment solutions.
“We take the pain out of payments, allowing you to focus more energy on what matters most – growing your business,” a senior Service Hub official told the Dhaka Tribune.
The company aims to be a robust and secure payment platform that aims to provide a preferred experience for businesses and customers.
“We build trust between payers and payee by enabling consumers to transact digitally using preferred payment options with complete security and peace of mind,” another platform manager said.
“We aim to build long-lasting partnerships through innovative and reliable payment solutions,” the manager added.
The platform supports almost all payment methods, including Visa, Mastercard, Amex, Union Pay, Nexuspay, Net Banking, MFS, and PSP, and offers the ability to make payments via payment link.
A payment link is an online payment method where an online payment request is generated and shared by the merchant with the customer, to make instant online payments.
The circular regarding the approval of the operation as a PSO has been sent to all regular banks, mobile financial service providers, payment system operators and payment service providers in the country.
In accordance with the Bangladesh Payment and Settlement Systems Regulations 2014 issued under Section 7(a)(e) of the Bangladesh Bank Ordinance 1972, Bangladesh Bank has authorized Service Hub in as a payment service operator in the country, says the circular.
Many companies have been found to provide e-wallet services without central bank permission.
For this reason, banks have been instructed not to provide any kind of services to PSPs and OSPs without a license from the central bank.
At the same time, the Bangladesh Bank also ordered not to keep any bank accounts of these institutions in March last year.