bKash app: How the country’s MFS giant is changing lives

Recent studies show that some of the top factors contributing to human well-being are: investing in experiences, purchasing or donating for other people, and very importantly – buying time. Buying time means using solutions or devices to reduce time-consuming and stressful tasks. In this fast-moving world, if a service or solution can offer people multiple ways to save valuable time and facilitate their lifestyle, that can earn the trust of millions.

In the Bangladeshi context, the bKash app is one such example which is offering a wide range of transaction facilities while ensuring spatial and temporal mobility for millions.

Bangladesh is moving towards becoming a Smart Economy in no time. With a wide range of digital solutions, the future is going to be an app-based, cashless society. The robust yet smooth bKash app is playing a pivotal role in lessening the hassles people used to face earlier while providing comfort, flexibility and empowerment altogether.

Being one of the pioneers of the Finclusion journey, bKash has been spearheading the MFS arena of Bangladesh for nearly an era. bKash has become a member of every family and is also a synonym for "sending money." It has ushered in a massive transformation in the lives of millions through its customer app, which is available on both iOS and Android operating systems.

bKash app has accelerated financial inclusion and democratised the payment industry. The app was launched in 2018 and quickly gained popularity among customers for delivering convenient, secured and regulated transaction solutions.

Converging the latest technology, deep customization metrics, and the addition of customer-centric features, bKash revamped its customer app in September 2019 to ensure a smoother user experience in their day-to-day financial transactions and offer more personalised, interactive and lifestyle-focused services.

Since then, the bKash app is ever-evolving with the latest services and technology integration.

Robust services in a few taps

From the bKash app's neatly designed home screen, customers can experience a wide range of services and features like Send Money, Mobile Recharge, Cash Out, Payment, Add Money (for bringing money from bank to bKash), Pay Bill, Tickets, bKash to Bank (for transferring money from bKash to bank), Remittance, payment option for Insurance, Microfinance and Education Fee and the option to make Donation.

Recently, the opportunity to avail Savings schemes and Digital Nano Loans of banks and financial institutions has increased the app usage manifold. Till now, around 1 million customers have availed Savings scheme from the bKash app with approximately 30% being repeat customers and more than 100,000 customers have availed the nano loan.

These services are only available through the bKash app.

Not only checking limits, coupons and statements, customers can update information about their account as well as the nominee from the bKash menu. They can also utilise the bKash Map to find nearby merchants, agents, customer care points and ATMs from where they can Cash Out.

Customised offers

The 'My Offers' icon in bKash app helps customers find a customised list of all the personalised available offers in one place. As a result, they no longer miss any exciting offers and can directly tap on the preferred offer to avail in a few simple steps, saving more time.

Reward points

bKash customers can earn reward points with transactions to their own accounts. They can avail different offers including cashback using those reward points afterwards. The more transactions will be made, the more 'bKash Rewards' points will be added to the account, making customers' experiences exciting and rewarding.

State-of-the-art security and diversity of services

Two-factor authentication has been added to ensure security in the bKash app. Scanning QR codes through the bKash app has entirely revolutionised the payment method in the country.

Currently, users can find 550,000 merchant points where they can scan and pay through bKash. Moreover, the 'My QR' option has been added for every customer. A customer can receive money more easily by downloading and sharing his/her unique QR code.

From sending and receiving money to availing Digital Nano Loan and Savings to collecting and using reward points and everything in between – a user can find all the essential features conveniently located within the user interface (UI).

Special features

bKash app has the most simplified Self Registration experience where a new user can get onboarded within a few minutes. The process is complemented with strong authentication and validation to ensure compliance and account security.

Customers receive a personalised feel with tailored offers and themes when using popular services like "Mobile Recharge" and "Send Money." They also get access to the majority of utility billers in the country to experience seamless utility services. Besides, they get the benefit of the countrywide largest network of merchants and agents to make payments and cash out easily through a state-of-the-art QR ecosystem.

The user-centric design has yielded a very positive response.

Since the inception of the bKash app, the number of app users has grown to more than 30 million now. Among them, a significant portion is actively transacting on a monthly basis. It has been observed that almost half of the users belong to the youth segment with the age bracket of 18-24. Hence, it's obvious to say that the bKash app has immense popularity among youngsters.

All these benefits have made bKash one of the most used apps in the country. It is a part of the lifestyle of every family. The opportunity to save time and reduce hassles by utilising bKash can surely enhance happiness for millions of customers.
Currently, more than 50% of bKash's total transactions are accomplished using the bKash app. New services and features are constantly being added keeping customer convenience in focus.