iPay Systems Limited, the first digital payment platform in Bangladesh, is going to commercially launch its activities in the country today, which will ensure the transaction facilities between two parties through online fund transfers.    

Finance Minister AMA Muhith will launch the system as the chief guest at a function at the Radisson Blu Dhaka Water Garden hotel in the capital.

After taking approval from Bangladesh Bank, iPay Systems Limited has already started its operation in Bangladesh from January 7 this year.

iPay will function like Paypal. Through the iPay systems, people are enjoying cashless transactions facilities for daily purchase, bill payment and tax and VAT payment.

To avail the services of iPay, one will have to open a eWallet that would be linked with one's bank account. The eWallet can be loaded by transferring funds from the bank account.

The company has already inked agreements with the country's 57 commercial banks to integrate their accounts with eWallet, said Zakaria Swapan, chief executive officer of iPay.

Tk 50,000 is the maximum amount that an individual can transact in one day and the monthly ceiling for withdrawal and deposits is Tk 2 lakh.   

An eWallet can have a maximum balance of Tk 4 lakh. There is no cash-in and cash-out limit for business entities.

Posts, Telecommunications and Information Technology Minister Mustafa Jabbar, and State Minister for Information and Communication Technology Zunaid Ahmed Palak will be present in the launching ceremony.

HM