BB allows BASIS members to use co-branded credit cards

FE REPORT

Bangladesh Bank (BB) has allowed digital marketing payments through co-branded credit cards for the BASIS member companies.

Payments to Facebook, Google and other social media platforms are now being authorised by co-branded cards, according to a recent circular issued by the central bank in response to a request from the Bangladesh Association of Software and Information Services (BASIS).

Earlier, the association put forward some proposals to the BB for allowing such payment method to expand their businesses, said a BASIS statement issued on Saturday.

Thanking the BB for accepting the proposals, BASIS president Syed Almas Kabir said that the association was working on strengthening the local ICT sector in building Digital Bangladesh.

"We are delighted that the BB has helped us on the journey to build Digital Bangladesh. The decision will help BASIS members to expand their business. It will bring far-reaching benefits. I would like to thank the BB, ICT Division, above all, the government for standing next to the local ICT sector."

In the process, the BASIS leaders held meetings with the senior officials of the central bank and 11 commercial banks.

The meetings were informed that there are about 1,000 agencies - big and small - involved in the growing digital marketing industry. Besides, there are numerous freelancers, production houses, content creators and many others involved in the sector.

The industry employs an estimated 50,000 to 80,000 people, who are constantly creating numerous digital content and business services, and delivering various digital media services (advertising distribution, purchasing, advertising technology platform, native content platform etc.).

Every year around Tk 20 billion is being paid from Bangladesh to Facebook and Google along with other social media advertising channels.

A large part of this money is paid by credit and pre-paid cards issued by various banks. All of these cards have a credit limit of up to US$ 12,000 a year.

Many local and foreign companies, technology companies, small agencies, e-commerce and F-commerce are making payments for advertising on Google and Facebook.

In this context, the digital marketing payment via co-branded card has been accepted recently, said the BASIS statement. Also, the BB has increased the annual limit of $ 30,000 to $ 40,000 per co-branded card for the BASIS member organisations.

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