Bangladesh has completed its Digital Bangladesh journey and started Smart Bangladesh. With the launch of Binimoy, an Interoperable Digital Transaction Platform (IDTP), a great milestone in the financial arena has been achieved successfully. The era of IDTP started on November 13, 2022. Fund transfers across mobile financial services (MFSs) and banks, and payment service providers(PSPs) are now more comfortable than ever.
A single account in any bank, a mobile financial service (MFS) can be used for all types of fund mobilization across banks, MFSs, PSOs, and many more is possible now with the Binimoy Platform.
The Binimoy Platform in Bangladesh
Binimoy is a Bengali word that means “exchange, trade, barter, etc”. However, we are now talking about the IDTP named Binimoy which facilitates the transfer of money across banks, MFSs, NBFIs, and PSPs.
Binimoy is an interoperable digital transaction platform in Bangladesh. It enables real-time, secure, and affordable digital transactions between two or more parties. The platform utilizes the country’s existing financial infrastructure, such as the Bangladesh Bank’s Real-Time Gross Settlement (RTGS) system. It is a web-based platform, which is being integrated into banks, Mobile Financial Services (MFS), and payment system operators’ own apps as a service.
The platform has been developed as a joint initiative of the Department of Information and Communication Technology and the Bangladesh Bank, the central bank of Bangladesh. The exchange platform is an app. The app has been developed by the Innovation and Entrepreneurship Development Academy (IDEA) project of the Information and Communication Technology Department under the initiative of Bangladesh Bank. The IDEA has followed India’s Unified Payments Interface(UPI), an instant real-time payment system developed by National Payments Corporation of India (NPCI) as a model for developing Binimoy at a cost of Tk 65 crore although the budget for this was Tk 55 crore.
Velwire Limited, Microsoft Bangladesh, and Orion Informatics Limited worked as partners in its development. The ‘Binimoy’ platform will be maintained by Velwire Limited.
It is an interoperable digital transaction platform in Bangladesh that enables financial inclusion for the people of Bangladesh. It offers a safe, secure and convenient way to transfer money and make payments using your mobile phone. It is accessible to everyone with a mobile phone.
It provides an easy way to send and receive money from your friends and family members. You can also use it to pay bills, buy airtime or internet data, and shop online. It is linked with all major banks in Bangladesh, so you can easily transfer funds between your bank account and your Binimoy wallet.
With Binimoy, you are always in control of your money. You can check your balance anytime, anywhere using your mobile phone. You can also set up a PIN to protect your account from unauthorized transactions.
The platform is making waves in the Bangladeshi financial sector by providing access to digital banking services for the masses. This innovative platform has the potential to transform the lives of millions of people in Bangladesh by empowering them with financial inclusion.
Financial transactions get cost-effective, simple, and transparent with the use of Binimoy. Employee salaries, remittances, taxes/VAT, bill payments, and e-commerce transactions all are made easy with the help of Binimoy.
Prime Minister’s IT Advisor Sajeeb Wazed Joy inaugurates the breakthrough platform at the Radisson Blu in the capital on November 13, 2022. It is a milestone for the payment sector in Bangladesh with lots of opportunities ahead. He said, when we expressed the dream of digital Bangladesh in 2008, there was nothing to say about digital. Nowhere in the world was there a framework for building a digital nation.
Within the next few years, 100% of government services will be provided digitally, he claimed. He also shared that Bangladesh had done digital centers in four and a half thousand unions for village people in just one year. All apps are made by us. It did not take the cooperation of any foreign organization. He was very enthusiastic and excited to inaugurate ‘Binimay’ to facilitate transactions. ‘Our next goal is a cashless society and we have started working towards that goal’ he added.
Zunaid Ahmed Palak, State Minister for ICT and NM Zeaul Alam, Senior Secretary, ICT Division addressed the event as special guests. Bangladesh Bank Governor Abdur Rouf Talukder presided over the session while Mezbaul Haque, Director, Payment system Department, BB gave a presentation explaining the key features of the platform.
State Minister for ICT Zunaid Ahmed Palak explained how Bangladesh is heading towards smart Bangladesh on the basis of digital Bangladesh while Bangladesh Bank Governor Abdur Rouf Talukder presented how Bangladesh Bank has been supporting the digitization journey in the financial and payment ecosystem.
“Customers will be able to transact money easily from banks to mobile banking services and vice versa through Binimoy”, said officials at the IDEA of the ICT Division that developed the platform.
bKash authorities said that this platform will increase the customers’ freedom by easing financial transactions. “We believe this technological integration initiative of Bangladesh Bank and the government’s ICT Division will empower the customers and give more freedom in financial transactions,” Shamsuddin Haider Dalim, head of corporate communications, bKash told.
How Does Binimoy Work?
In the beginning, no separate app is being developed under the name of Binimoy. It as a service on this platform will be integrated into the app of Bank, MFS. To use it, the customer needs to register first. Once the registration is completed, an ID will be generated with binimoy.gov.bd appended to the customer’s name. After registration, the customer will see two options called ‘Send Money’ and ‘Receive Money.
If you want to send money to someone, go to the send money option and choose one from the MFS accounts you have (Bikash, Rocket). The mobile number of the person to whom the money is to be sent or if the concerned person has a Binimoy ID, then the money can be sent through that number. The sender can go to receive money option and receive the money to any MFS financial institution number in his account.
How to open a Binimoy account ID
A Binimoy Account can be registered from various platforms like banks, bkash, rocket, Cellfin, etc. Let us find few options here for ready reference. It is noteworthy that there might be slightly different
How to register The Binimoy Platform in Bangladesh from BKash
- Log in to the Bkash app to register a Binimoy account from Bkash.
- Scroll down a bit to the Binimoy option
- Click on Binimoy and then press OK
- Click on the Register Now button.
- Enter your email ID and a unique ID, then press Confirm. If the ID is not unique, you can add numbers to make it unique.
- Finally, set a 6-digit secret PIN for the Binimoy account and submit.
Opening a Binimoy account from Rocket
- Log in to the Rocket app to open a Binimoy account from Rocket.
- Scroll down a bit and go to the Binimoy option.
- Enter your email ID and enter a unique ID with Small Letter Confirm. If the ID is not unique, you can add numbers.
- If you want someone to send money to your Binimoy account, it will be deposited directly into the Rocket account, in that case, Select Yes in the “Is default credit account” option and tap on Submit button.
- Finally, set a 6-digit secret PIN for the exchange account and submit.
Registering a Binimoy ID from Cellfin
- Log in to the Cellfin app to open a Binimoy account from Cellfin
- Go to Fund transfer and click
- Scroll down and click on Binimoy
- Click on User Registration ( You may find details by clicking on About Binimoy)
- Write Receiver Name keeping Account selected and press Submit
- Enter a 6-digit PIN for Binimoy and Submit
- Enter Cellfin PIN and Submit
Bangladesh Bank issued instructions regarding the charges of IDTP in a notification on November 10, 2022.
As mentioned, sending money from MFS(Bikash) to MFS(Rocket) will cost Tk.5 (per thousand). And sending money from MFS (Bikash, Rocket, etc.) to the bank (per thousand) will cost Tk. 10. On the other hand, sending money from MFS to Payment Service Provider (PSP) account will cost Rs 5 per thousand.
A fee of 50 paise will be charged to the Binimoy authority by the receiving institution against each transaction using the exchange platform. A service charge for its use will be applicable at a specified rate of VAT. And if the institution receiving money from the bank is a bank, the in-operable fee will not be applicable.
All banks have not joined the Binimoy platform yet. Mobile banking service bkash, Dutch-Bangla Bank Rocket, Islami Bank Mcash, BRAC Bank, United Commercial Bank, Mutual Trust Bank, Eastern Bank Limited, Midland Bank, Al-Arafah Islami Bank, City Bank, Pubali Bank and Sonali Bank Limited participated so far.
Initially, transactions started between 11 institutions. Of these, 8 are banks and the remaining three are MFS institutions. Apart from this, a payment service provider (PSP) called Tally Pay will be added. bKash and Rocket already started the service on 6 November and bkash participated in the pilot projects too.
Advantages of Binimoy
Interoperable digital transaction platforms (IDTP) like Binimoy are designed to facilitate the exchange of value between different parties. By enabling the seamless exchange of funds, IDTPs have the potential to revolutionize the way businesses interact with each other. The benefits of IDTP like the Binimoy platform include improved transaction security, privacy, and efficiency. Here are some of the key benefits of the Binimoy platform:
1. Increased Efficiency:
Binimoy platform can help reduce friction in business transactions by enabling the direct exchange of funds between parties and platforms. This can lead to improved efficiency and reduced costs for businesses. Users get instant access to all types of payment service providers through Binimoy. All stakeholders including Customers, merchants, agencies, and other PSPs can operate 24/7 real-time transactions.
2. Enhanced Security:
Binimoy platform can provide a more secure environment for transactions by incorporating features such as decentralized storage and end-to-end encryption. This can help protect businesses from fraud and cyberattacks. The exchange system allows customers to transact using virtual IDs instead of their account numbers. Due to the virtual ID, the customer’s account number will be anonymous and secure.
This platform will also prevent financial crimes because the exchange authorization standards used in Binimoy will verify each transaction and develop patterns analysis, thereby making it more difficult to launder money, finance terror and evade tax.
3. Improved Transparency:
Binimoy platform can improve transparency by providing a clear audit trail of all transactions. This can help businesses track their supply chains and ensure compliance with regulations.
4. Greater Inclusion:
Binimoy platform can enable financial inclusion by providing access to banking services for underserved populations. It will play an important role in the socioeconomic progress of the country. Binimoy is set to reduce the dependence on any specific finance channel and will play a vital role in Digital and Smart Bangladesh.
Transactions with Binimoy are a cost-effective way to pay and get paid. It saves money, time, and effort for payment procedures.
6. Cashless journey:
You can enjoy the cashless society journey with the use of the Binimoy platform. You can pay and receive digitally across platforms without making transactions in cash.
Offering a cashless interoperable payment mechanism, Binimoy will boost the e-commerce and f-commerce sectors. Payment solutions will be no more a headache for businesses and entrepreneurs. Fintech companies will get motivation for better fund mobilization in real-time.
8. Fund utilization
Binimoy is set to ensure the most effective use of funds. As money transfers do not waste time or keep waiting, people get payments in real time and can utilize the funds efficiently. A temporary fund crisis is solved with timely fund receipts from clients. So, businesses can run more confidently and competently with this newly-introduced system.
9. One ID for all financial transfers and transactions
The most important advantage brought to you by the Binimoy platform is that a single account will serve all the purposes of fund mobilization across providers. Any account in any platform like a bank or MFS is enough to perform transactions with all banks, NBFIs, MFSs, and PSOs without any barrier. Interoperability has made it possible to do all financial transfers and transactions with just a single account ID of Binimoy.
Are all banks and MFSs connected with Binimoy?
No, not all banks and MFSs are not connected so far. Some selected providers are serving this service. So far, 11 partners are working.
Is there any App of Binimoy?
There is no App of Binimoy yet. There might be in the future.
What is the official website of Binimoy?
The Binimoy platform does not have any official website so far.
How much cost was incurred for developing the Binimoy Platform?
The Binimoy platform has been developed at a cost of Tk. 65 crore although the initial budget for this was Tk 55 crore.
Which model has been followed to develop the Binimoy platform in Bangladesh?
The Unified Payments Interface(UPI), an instant real-time payment system developed by National Payments Corporation of India (NPCI) model has been followed for developing Binimoy.
In recent years, Bangladesh has been working hard to develop its economy and infrastructure. One area that has seen significant investment is the country’s digital transaction platform, like Binimoy. The platform will engage banks, payment service providers (PSPs), and mobile financial services (MFS) providers as third parties for electronic transactions. In this, a customer will get fast service with the card. And the customer will know the amount of money for his transaction. Services like balance transfer and SMS after transactions will be available.
The platform is web-based technology, which provides a secure and efficient way to track transactions. Binimoy is expected to be successfully used by a number of banks and other financial institutions in Bangladesh. The platform is expected to play a major role in the country’s economic development, by helping to reduce costs and increase efficiency in the financial sector, especially in the payment ecosystem of Bangladesh.
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