Discussion on launching PayPal service in Bangladesh, what are the benefits and risks.

 Interest in the issue has increased as discussions have come to the fore again that PayPal, a widely used platform in the world for digital transactions, is going to be launched in Bangladesh.

This service is used in many countries of the world for online payments, receiving freelance income, or international shopping. However, it has not been launched in Bangladesh yet. There has been a demand for the launch of PayPal in Bangladesh for a long time. There have been reports of initiatives being taken in this regard at various times. There have even been rumors at various times that PayPal will come to Bangladesh. But in the end, it did not happen. On April 22, Bangladesh Prime Minister Tarique Rahman said in response to a question from a member of parliament in the National Parliament that the government has taken the initiative to launch the online payment gateway 'PayPal'. But what exactly is PayPal? Why is it important, and how will this service be useful for ordinary users if it is launched? Various questions are now coming to the fore. What is PayPal, how does it work? PayPal is basically a US-owned multinational financial technology company. It is an online payment platform, which is known as a popular digital payment system for users to securely exchange money and make purchases online. Simply put, it is an e-payment system or money transaction system. It works as a kind of virtual wallet, where money can be sent, received and paid for by adding a bank account or debit or credit card. There are other platforms like PayPal around the world, such as Stripe, Payoneer, etc. Bangladesh's mobile financial service bKash and PayPal are similar financial service providers, but their usage and scope are different. bKash services are used only for transactions within Bangladesh. On the other hand, PayPal works cross-border, that is, you can buy products in one country and pay for them in another country through PayPal. Professor BM Mainul Hossain, Director of the Institute of Information Technology, University of Dhaka, said that although bKash and PayPal have similarities, there are also differences. He told BBC Bangla, "You can also pay with Bikash. But the difference is that you cannot pay globally with it. And the digital system runs on trust. Since PayPal is present in more than two hundred countries and transactions are made in many currencies, everyone knows it. That is why people do international transactions with PayPal." In the case of PayPal, users can send money through their email address, purchase products or services on various websites, and in this case, they do not have to share their bank or card details directly with any third platform. PayPal is very popular worldwide in international transactions because it can easily exchange money between different countries from just one platform. **Who will PayPal be most useful for?** Experts say that it will be most useful for those who do a lot of international transactions. However, freelancers and small businessmen will benefit the most. Fahim Mashrur, CEO of BD Jobs and former president of BASIS, the country's software and information technology sector organization, said, "Many freelancers in Bangladesh cannot receive money. This is because many foreign clients want to pay through PayPal, since there is some security if they do it through PayPal. PayPal has insurance. If there is a problem for some reason, PayPal returns the money. Now PayPal will be beneficial for freelancers," he told BBC Bangla. Professor Mainul Hossain also believes that it will be more useful for those like freelancers who transact money internationally. "Because they work outside the country. They have to transact money. Now they use platforms like Pay Union and Western Union, which cost more and take more time. And PayPal is instant (immediate transactions), the money will be deposited in the account immediately." On the one hand, freelancers will receive direct remuneration at a lower cost, and on the other hand, it will also become much easier for them to work with clients. In addition, when foreigners visit Bangladesh or come to work, or buy Bangladeshi products online, they often want to pay with PayPal instead of a credit card. Or, analysts believe that PayPal will also be convenient for those who want to buy and sell products from abroad, from small businessmen to individuals. They also say that if PayPal is launched, expatriates will also be able to send money to Bangladesh easily and quickly. It is also easy to pay admission fees to foreign universities through PayPal, but there are various complications when paying with a credit card. Sonia Alam, a Bangladeshi student who was in the UK for studies, is currently in Bangladesh and recently bought an online course at a foreign institution. She paid the course fee through PayPal. PayPal has not yet been launched in Bangladesh, so how did she pay using PayPal while sitting in the country? Ms. Alam said that the reason for this is that a UK bank account is linked to her PayPal account. But when asked why he used a PayPal account instead of his debit or credit card, he told BBC Bangla, "Because of security. And it's very easy." He said.Now, when making a purchase or sending money to someone with PayPal, the user does not have to re-enter important financial data such as his account name, number, routing number or credit card number, expiration date. He can make all transactions using his phone number or email address. Because he has to link PayPal to a bank account or card when creating a PayPal account.