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In Bangladesh, we can transfer funds (cash) through cell phones. What kind of a market is...

In Bangladesh, we can transfer funds (cash) through cell phones. What kind of a market is this? Explain
in detail the reason behind your answer.

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Answer #1

The wide use of mobile handset in financial transactions are prevalent in Bangladesh. The mobile banking system is a easy way of fund transfer from one person to another.The Bangladesh Central bank introduced bKash,a mobile money system as a susidary for local banks. The central bank introduced the system for fast, affordable and secure secure transactions. The government also aimed to provide financial literacy for the people in a easy manner. The innovations in banking sector via mobile and net banking favoured not only individuals, but also private and foriegn investors benefited. The Bangladesh government adopted several strategies for the reforms in banking sector. The wider use of mobile banking for government taxation and fees are carried out in the country for the promotion of mobile banking system.

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