FSS (Financial Software and Systems), provider of integrated payment products and a payments processor, today announced its collaboration with BRAC Bank, the leading bank in Bangladesh, to catalyze the growth of digital commerce in the country. This partnership will enable FSS to provide its omnichannel acquiring platform to BRAC Bank to onboard merchants and enable digital payment acceptance across multiple touchpoints - in-store, mobile and online.
According to the eCommerce Association of Bangladesh (e-Cab), digital payments over the last three years, have recorded 100 percent year-on-year growth. The e-commerce industry is expected to grow to $3 billion by 2023, driven by growing consumer preference for online and touch-free payments.
A modular offering, FSS Omni-channel Acquiring Platform consolidates online, mobile, and in-store payment acceptance onto a single system to help merchants expand their digital business. The platform supports a wide range of global and alternate regional payment methods and adapts to any channel or shopper journey.
Merchants can introduce a range of innovative payment capabilities such as Quick Response (QR) codes on standard POS and e-commerce channels or contactless (tap and pay) payments to deliver superior, secure transacting experiences to customers.
Archit Mylandla, Executive Director, FSS said; “Bangladesh continues to be a fertile and growing market for payments innovation in the South Asian region. We look forward to collaborating with BRAC Bank to expand its merchant payment capabilities and advance adoption of digital payments in Bangladesh.”
Speaking on the partnership, Acquiring, BRAC Bank, stated; “The partnership helps us to lead the development of Bangladesh’s payments ecosystem and connect it with the wider region—and the rest of the world. FSS extensive experience gives us the technology foundation and the adaptability needed to rapidly grow our market share and readily support a broad range of merchants, with different risk levels, payment needs, and customer preferences.”
