Bangladesh Bank has authorized Digital Marketing payments through Co-branded credit cards for BASIS Member Companies. With the development of the sector, increased the volume of transactions. On behalf of its members BASIS placed few valid proposals to Bangladesh Bank. Bangladesh Bank after securitizing has accepted proposals of BASIS and published circular in this regard.
As well as purchasing IT and ITES services / products with co-branded cards, the demand for using the card for the growing digital marketing sector has long been demanded. Facebook, Google & other social media platform’s payment are now being authorized by co-branded card through the new circular (FE Circular No. 2, 13/1/2020).
In this regard, two separate meetings were held with the Deputy Governor of Bangladesh Bank Ahmed Jamal on November 17, 2019 and with the Executive Director of Bangladesh Bank Humayun Kabir and General Manager Khurshid Wahab. The meeting was attended by senior officials of 11 commercial banks including Head of Cards and Head of Retail Banking.
BASIS Delegation was led by President Syed Almas Kabir along with Vice President (Admin) Shoeb Ahmed Masud and BASIS Digital Commerce Standing Committee’s Chairman Syed Mohammad Kamal. The meeting demanded payment benefits on social platforms including Facebook, Google via Co-Branded Cards.
At that meeting it had been highlighted that, there are about 1000 agencies, big and small, involved in the growing digital marketing industry. Besides, there are numerous freelancers, production houses, content creators and many others involved. 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 Tk 2000 core 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 from various banks. All of these cards have a credit limit of up to USD $ 12,000 a year. Many local and foreign companies, technology companies, small agencies, e-commerce and F-Commerce’s are making payment for advertising on Google and Facebook.
Upon the context Digital Marketing Payment via co-branded card has been accepted recently. Also Bangladesh Bank increased annual limit of USD $30,000 to $ 40,000 per co-branded card for the BASIS member organizations.
Thanking the Bangladesh Bank for accepting the proposal, BASIS President Syed Almas Kabir said that we are working to strengthen the local ICT sector in building Digital Bangladesh. We are delighted Bangladesh Bank 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 Bangladesh Bank, ICT Division, above all, the Government of Bangladesh for standing next to the local ICT sector.
Didarul Alam, BASIS Director and Acting Director of BASIS Digital Marketing Standing Committee said, the digital marketing sector is evolving at a faster pace than ever before in regards of the size of the sector and employment of organizations. I would like to thank Bangladesh Bank for making helpful decisions for BASIS member companies for the development of the local ICT sector.