DataSoft Systems Bangladesh Ltd, a leading local software company, and Fyne Tech Ltd, a startup company, yesterday launched a payment app -- Pay 365.

Dutch-Bangla Bank Ltd (DBBL) will be the acquiring bank with DataSoft, which will be the merchant service provider or payment aggregator for the app.

The app will help smartphone users make payments at any retail outlet with their smartphones, said Zunaid Ahmed Palak, state minister for ICT, after launching the application at a programme at Sonargaon Hotel in Dhaka.

Mahboob Zaman, managing director of DataSoft, said: “We have succeeded in making our mobile more secure than our physical wallet.”

Debit and credit cardholders have to enter their card numbers once during sign up and there is no need to use the card later, Zaman said.

But for security reasons, the secret pin number should be used during every transaction, he said. “All the information are encrypted and securely saved by Dutch-Bangla Bank.”

The bank has also played a great role in assisting the development of Pay 365, according to the statement.

Representatives from the bank said they have made sure that Pay 365 maintains the international security standards as per the regulations given by VISA, MasterCard and Bangladesh Bank.

“I am glad to know that Pay 365 is the first mobile wallet of Bangladesh just like American mobile wallet Apple pay and Google wallet or Rupay and Paytm from India,” the state minister said.

The new app will accelerate the growth of the online transactions of various products and help boost trade and commerce in the country, Palak said.

“The government is ready to provide necessary assistance to the developers of such apps in the country so that increased number of youths can come with new ideas using their skills.”

“Hope, this new app would play significant role in making digital financial transaction smoother and advance trade and business,” he said.

User of this app will generate a QR code from the app and scan their phone at Pay 365's merchant's outlet, DataSoft said.

The DBBL has also taken an initiative to integrate its mobile banking with Pay 365. The bank's mobile banking accountholders can pay with Pay 365.

Zaman believes that Pay 365 will have a transformative impact on people's life.

Introduction of payment through QR code will indeed bring a change in consumer's purchasing behaviour and lifestyle in Bangladesh, Zaman said.

FyneTech Ltd's Founder is Mohaimin Mostafa, who finished his bachelors from USA and came back with the concept of Pay 365 to Bangladesh.

Besides payment, Pay 365 also has Universal Reward System where users can earn and redeem their points at any retails store, according to the statement.

“With the reward system, our goal is to become an expert in customer relationship management in payment industry and enhance the retail business/e-commerce and any other business which need a payment system in Bangladesh,” said Mostafa.

He said the primary target group is the young generation.

Mustafa Jabbar, chairman of Bangladesh Association of Software and Information Services; Sayem Ahmed, chairman of DBBL; M Manjur Mahmud, director and chief operating officer of DataSoft, and Dil Afroz Begum, director, also attended the launch.