The enterprise blockchain solution firm, Ripple in its official blog post, shared on November 07 stated that bKash is the new partner of Ripple and on November 08, the firm shared insights on how it made its banking service accessible to 36 million customers in Bangladesh.
On the second day of Swell conference, bKash’s CEO Kamal Quadir discussed with Asheesh Birla, SVP of product at Ripple and explained the impact of technology on the lives of the people who use bKash’s banking service. It says that over one-third of Bangladesh’s crowd lives below the poverty line and without access to financial services.
Notably, bKash is striving to bring the financial change among the Citizens of Bangladesh with its revolu tionary services and as per Mr.Quadar, 36 million customers are part of the company’s digital economy.
“We have to be very mindful of the impact of the technology we’re working on. We have a short life on this earth, and I want to do something meaningful.”
Mr. Qaudar’s firm has been helping millions of people in urban areas to send money in rural parts of the region in the most affordable and fastest way. He further explained;
“In the developed world, we often take being banked for granted. It’s important to consider the story of a real customer’s needs,”
However, bKash didn’t use blockchain technology to bring 36 million customers to be part of the company’s digital economy – during the talk with Ripple’s Asheesh Birla, Mr.Quadar emphasized that the blockchain could help his firm solve the “larger problem of transferring cross-border payments”.
Too often, global payments are costly, unreliable and slow because the underlying systems are fragmented and complex. Customers—not only in Bangladesh but around the world—need to send and receive fast, low-cost payments, Ripple said in its blog.
On a similar note, Quadir explained that;
“one of the great values of leveraging blockchain technology is that it allows companies to meet customer demand for immediate, transparent and low-cost global payments.”
Image Source – Ripple blog