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Online Service Pester & Consumer Behavior

Publish On : 10/10/2015

Fakhruddin Mehedi

Technology has made our life easy, healthy and smart. If we look at the advances made in various sector in the past 10 years, we will note a major improvement indeed. It has given a revolutionary improvement in business sector as well as its relevant like finance and others all over the world. All kind of activities transforming into internet. And the “internet for all” concept has became popular all over the world for business,communication, transaction ,research , education along with the other general. Other business has already grow to ensure the access of internet. Ecommerce mobile internet, online transaction , social media alls pedestal is internet and those are most talked issues now a days. Anything is possible in anytime from anywhere using internet. Like you can connect, share and do transaction as per your choice. we can shop , appoint doctor, transect money sitting our own residence. Online transaction made all the online activities easier and faster than before. The developing country like Bangladesh is not away from these blessing of internet. It connect the country with the super highway and help the country to transform into digital.All the positives has some negative consequence. Online security and fraud detection has became the key concern for all those above mentioned blessing. Cyber crime and online commerce commitments are the issues to make the “internet for all “ concept constant and reliable. Advanced crime like credit card forgery, hacking, fake identity, and so many across the world are harassed people in online. Services also has the limitation along with the consumer deficit of online service to use.

Let’s see the online service issues and consumer feedback in Bangladesh:

Online Transaction

Financial transaction change a lot using ICT and online banking is first of its kind service to offer in Bangladesh. Though all the commercial banks donot have the service yet. Bangladesh Bank played an important role to transform this traditional banking into digital. It makes transaction easier and faster. Also enhance the day to day business as a whole. But sometimes its service has interrupted like showing balance. If I deposited any amount from any branch of the bank it should be updated automatically and should show in my balance. This is the basic in online banking that I missed sometime. Don’t know why the real time updating is not happened automatically.

Mobile Banking

Mobile banking has become one of the most popular banking methods in a short span of time in our country . The success of mobile transaction in bangladesh has became an example for other countries to follow. Mobile banking is growing fast in our country and is now the most popular banking service. It has connect the unbanked rural of our country. It is very handy and we can do a number of activities with it, like buying mobile airtime, paying bills, buying bus and train tickets etc. telling about me, I don’t carry much cash in my pocket nowadays rather to keep in my mobile wallet. Though some has the bitter experience that we will share below. But If the provider can ensure the security it will encourage greater number of people to use it. Surely a bright future lies ahead for mobile banking and the Bangladesh Bank should ensure the much needed discipline in the sector so that it can continue to play an important role in our economy. However, the central bank’s draft guidelines on mobile financial services that proposed forming a platform consisting of multiple players with no single Mobile banking has become one of the most popular banking methods in a short span of time in ourcountry . The success of mobile transaction in bangladeshhas became an example for other countries to follow. Mobile banking is growing fast in our country and is now the most popular banking service. It has connect the unbanked rural of our country. It is very handy and we can do a number of activities with it, like buying mobile airtime, paying bills, buying bus and train tickets etc. telling about me, I don’t carry much cash in my pocket nowadays rather to keep in my mobile wallet. Though some has the bitter experience that we will share below. But If the provider can ensure the security it will encourage greater number of people to use it. Surely a bright future lies ahead for mobile banking and the Bangladesh Bank should ensure the much needed discipline in the sector so that it can continue to play an important role in our economy. However, the central bank’s draft guidelines on mobile financial services that proposed forming a platform consisting of multiple players with no single party having more than 15 percent stake.

Total 28 banks have the licenses to provide mobile banking services but 18 have the service to offer.

TIM Nurul Kabir, secretary general of Association of Mobile Telecom Operators of Bangladesh, thanked the central bank for acknowledging the mobile operators as a key part of the MFS. In the last 18 years, the mobile operators have invested billions of dollars, taking connectivity to the remotest parts of the country, which are also helping the banks. Globally, the mobile operators run 70 p recent of the MFS business, he said. However, the mobile operators have some concerns TIM Nurul Kabir, secretary general of Association of Mobile Telecom Operators of Bangladesh,
thanked the central bank for acknowledging the mobile operators as a key part of the MFS. In the last 18 years, the mobile operators have invested billions of dollars, taking connectivity to the remotest parts of the country, which are also helping the banks. Globally, the mobile operators run 70 p recent of the MFS business, he said. However, the mobile operators have some concerns about the proposed guidelines.

Bangladesh Bank issued the guideline on September 1, 2013, forbidding the banks to allow financial transaction through mobile banking without having own mobile bank account. Even, the transaction through mobile account from one agent to another agent is also prohibited.BB governor Atiur Rahman said, financial literacy was going through mobile banking while 80% of the total transaction went to the rural areas from the urban. According to a study, 26.87% household and 13% individuals have access to mobile banking.In the rural area, 23.55% household use other’s mobile account to operate financial transaction while 11.53% individual use others Account. In the urban area, 31.46% household carry out transaction without having own mobile account and the rate is 14.37% in case of individuals. The rate of using own mobile account is non significant as only 6.55% household in rural area use own mobile account while 11.83% in urban area.

So its clear that mobile banking is popular in Bangladesh. And its use is growing gradually. sharing the service experience a rickshaw puller said” it was all I earned during the ramandan by working extra hour to celebrate the EID, I Bkash the amount BDT 15000 to my family using my mobile just before the sob e kader. But my wife did not received the amount and my balance showed cash out- I had nothing but to cry”

Plastic Money

The number of using Debit and Credit card is increasing here in Bangladesh. People use it considering the safety issue to transact cash. also use to shop, trading and transfer money account to account. Normally credit card, debit
card, ATM are popular in Bangladesh to use. The Plastic money payment card has taken the place of hard cash as transaction through hard cash is decreasing. An information of Bangladesh Bank (BB) said that the gross amount of monetary transaction through debit and credit cards was about TK 7 thousand 826 Crore last April that was raised up to TK 7 thousand 895 Crore in the month of may .

The amount of money raised amazingly in the month of June amounted TK 10 thousand 23 Crore. On average, the transaction held in these three month stands about Tk 8 thousand 581 Crore. 8 thousand 134 crore taka was manufactured through Debit card and 447 crore was transected through the credit card. About the facility to use card Sales executive of Transcom electronics Masum Sarker says, Depending on products we are offering 3 to 12
installments for the purchaser of credit card. We also provide cash discount on plastic money during some festivals..

Using of debit and credit card is expanding day by day. In the festival time the use of plastic card fl ourishes more. According to the latest information of BB, 91 lakh 30 thousand 897 people are using plastic cards; among them 85 lakh 47 thousand 688 are using debit cards and rest 5 lakh 83 thousand 209 are using credit card.

However, the central bank is yet to come up with concrete measures to curb the growing incidents of illegal and ineffective fi nancial transaction that occur inside ATM booths. IT professionals at banks also do not shoulder the responsibility, saying ensuring security of ATM cards and booths is not their job.

In this regard, Association of Bankers Bangladesh (ABB) President Nurul Amin said the incidents of card forgery would cast a negative impact on the banking sector. “The banks should be more careful with their transaction system and take stern measures against officials who have become involved with forgery,” he said.

They then withdraw money from the booths or buy products from shopping malls using the cards and passwords. Such cases of fraud happen when cards are given on fake information. In some cases, sellers of goods and services accept cards despite knowing that the buyer is not the real cardholder. There is no alternative but to make
shop owners aware of it to prevent card fraud at the acquiring level.

e-Commerce

The rapid growth in mobile and internet penetration has opened up new horizons of opportunities in the country, for entrepreneurs and consumers alike. Businesses have surpassed the boundaries of physical locations and are increasingly becoming virtual. Local entrepreneurs are making good use of the increased internet accessibility by going online and consumers are also responding enthusiastically..

As per a 2009 study by Boston Consulting Group and Telenor, by 2020, there will be 18.3 million internet msubscribers in Bangladesh, equaling approximately 10 subscribers per 100 inhabitants. At a household level, 32% will have at least one internet subscription, and business adoption will be around 66%. Moreover, as of 2014, according to E-commerce industry experts, the current volume of online shopping is more than Tk. 3.5 billion. This figure rises further during festivals such as Eid ul Fitr, while Facebook based commercial activities alone account for more than 60% of allonline shopping during Eid.

Through a research conducted by Kaymu and the facts collated, it is observed that the most actively involved e-commerce users in Bangladeshm fall under the age bracket of 25-34 years. The report also reveals that over 80 percent of e-commerce traffic comes from three,major cities: Dhaka is top with 35% of total traffic, closely  followed by Chittagong at 29%. But Gazipur in third place with 15% of the total e-commerce activity each year will come as a surprise to many.

The report found the stark gender divide in Bangladeshi society reflected in e-commerce as well. Out of the total e-commerce activities carried out, 83% comprised male users, with females involved in only 17% of the total activity.

E-Commerce association of Bangladesh (e-Cab) Razib Ahmed said, we have many infrastructural problem as the e-Commerce industry growing in Bangladesh. Our e-commerce business owner has some limitation as they do not get fund from any venture capital. Delivery system is the main issue of e-Commerce business and we are really not good at this. ‘‘We need time to flourish and develop our industry’’, he said.

Fahim Mashroor, Convener of BASIS E-Commerce Alliance said, that the local firms were being crowded out due to huge investments made by foreign organizations, thus setting up a barrier for the local entrepreneurs. Due to this, the market is largely in the control of international firms. it is imperative that local entrepreneurs receive support from policy makers.

He said, BASIS E-Commerce is working relentlessly for the development of the promising E-Commerce sector.This platform is working for the legal assistance, mutual communication & networking and other related activities.”

More than 10% foreign investment in E-Commerce sector is not allowed in many countries of the world. But, in our country, the foreign E-Commerce and telecom companies are taking over the whole market, he added.

Online Payment Gateway

Bangladesh is a mobile based country where more than 147 million mobile subscribers and over 25 percent Internet penetration. With this perspective it is a high prospect country for online gateway.The central bank Launched National Payment Switch (NPS) in Bangladesh to facilitate online transactions in the country in December, 2012 look at the e-commerce industry in country. Bangladesh bank launched the service to be believed that this system will help to bring credit/debit cards of all the banks under a single network in the upcoming future.

Five companies is giving online payment gateway service in the market. The companies are actively working in the market to establish the trend very well among the consumers. We talked with the officials of online payment gateway companies to learn about their service and problems. Let’s have a look those are, SSL Wireless, EasyPayWay is online Payment Gateway, aamarPay, Walletmix, Shurjomukhi payPoint.

Mahfuzur Rashid khan, manager of SSLCOMMERZ e-Business said, “SSLCOMMERZ is the largest Online Payment Gateway in Bangladesh to sell our products and services online. We are the virtual payment gateway terminal that provides merchants the enhanced level of datasecurity they need for their customers’ sensitive credit card data in addition to the simplicity that makes everyday business operation and accounting procedures more efficient.”

Nazmus Sakib Naim, Chief Executive Officer of EasyPayWay, “We have started our service from 2009 and we want to include a massive participation of customer and merchant by 2020”

Mobile Internet Service

Worldwide internet user is 3,196,381,230. Nigeria is in the top to use internet having 16% of total and then 14% in India and Russia 10% (source: http://www.internetlivestats.com/internet-users/). In Bangladesh total internet user is 10,867,567 that refer 9% of total population. And most of them are using mobile to connect with internet. So net penetration is impressive here though the nature of use is not as much in development as it is expected. Most of the user uses it for social media. That’s why the mobile service provider used to offer attractive internet packages. Basically it is leading the internet penetration here. Available Broadband service including Wi-Max losing its market share gradually. ISP business is going down then earlier. Service satisfaction of broadband user is not good to mention. Though the bandwidth price reduced again and again to ensure theaccess of internet. But the rural are still suffering to enjoy high speed internet connectivity due to the infrastructural weakness.

Finally considering all the above it is fair to say that internet penetration is high in Bangladesh.And industry is moving towards development using Internet. Though there are lot to change , lot to address to ensure the service . it may take time but not impossible, just need constructive discussion and fruitful initiative to make the best use of internet for all.




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