The Bangladesh Bank has imposed restrictions on payments of online-based companies that will not provide products or services to customers within seven days.
However, the online based organizations that deliver the product or service to the customer within 5 to 7 days will easily get paid for that service or product, said the central bank in a directive on Wednesday.
The central bank has asked all banks, bKash, Rocket, Cash, Mobile Financial Services Providers (MFS) and Dmoney, iPay to comply with the directive.
The BB said banks and other financial service providers will be able to clear payment at their discretion for food, groceries, medicines, ride sharing, mobile recharge, various services, tuition fees, hotel booking, ticketing (bus, air, train, launch) or similar daily necessities and services should be provided immediately or 5 days. In this case, there is no obligation to ensure that the product or service has reached the customer.
However, payment-making institutions will make the transaction at their own discretion by reviewing the transaction risk, customer service quality, product supply satisfaction and mutual business relationship. This instruction will be effective mainly at institutions such as Chaldal, Swapno, Uber and Foodpanda.
In addition, there are many companies that sell their products or services through stores or their own showrooms. These companies also sell products or services online. Banks and financial service providers will also be able to clear payment at their discretion for such institutions who deliver products within a maximum of 7 days. This instruction will be effective for Arong, Yellow, Singer, Samsung because these companies sell their products online as well as in their own showrooms.
And those companies which are not able to deliver the product or service to the customer within maximum 7 days, they will get payment after confirming the receipt of the product or service from the customers.
Bangladesh Bank said that in the case of such institutions, the banks or other financial service providers paying the customer's money will keep it as their own settlement account. However, this money cannot be used for any other purpose. Bangladesh Bank said companies that take more than 7 days to deliver a product or service will have to submit a list to the paying company, including their customer's name, mobile number and purchase order details, for the payment.
Payment service providers can seek an explanation from the relevant e-commerce organization if there is any evidence of non-receipt of the service or product from any customer in the list that will be given for payment against the delivery of goods or services. In that case the product or service provider has to reply within 10 days.
If the concerned e-commerce company cannot give a satisfactory answer regarding the provision of wrong information, the payment service of that company will have to be suspended. Besides, Bangladesh Bank will have to be informed about the matter and such listed e-commerce companies will later lose the eligibility to take all types of payment services.
