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Inpay and Eurogiro launch PostalPay for international remittances

Tuesday 18 January 2022 16:18 CET | News

Denmark-based cross-border payments provider Inpay has partnered with payments network Eurogiro to allow people in Bangladesh to send and receive remittances with lower fees.

Bangladeshi expatriates, workers, and diaspora are now able to send and receive remittances for less with the introduction of a new financial services platform from Bank Asia and Bangladesh Post. This has been implemented due to their new partnership with Inpay, the global payments provider and its sister company Eurogiro.

Bangladesh Bank has recently introduced a 2.5% cash incentive for inward remittances. The government's decision on the incentive came as the remittance flow to the country has been falling sharply for some months as the expatriates continue to prefer informal channels for sending their money. According to data from Bangladesh Bank, expatriate Bangladeshis sent USD 1.55 billion in November 2021, down 5.48% from a month earlier and 25% year-on-year.

Through this partnership, Bank Asia and Bangladesh Post will be connected to other global postal organisations. Consequently, customers will be able to send money for less to a range of countries, and receive money from around the world to any Bank Asia branch, agent banking outlet, and post office in Bangladesh.


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Keywords: partnership, remittances, cross-border payments, money remittance, money transfer, payment processing
Categories: Payments & Commerce
Companies:
Countries: Bangladesh
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