Chaldal Payments Limited, a subsidiary of Chaldal Limited, has been granted a no-objection certificate by the Bangladesh Bank to launch an e-wallet under the PSP license. This permission will allow Chaldal to facilitate payments or payment processes directly to the customers and settle their transactions through a scheduled bank or financial institution. Chaldal has been working on a payment product called ChaldalPay. A year ago, the company signed an agreement with BRAC Bank to use its settlement services to facilitate transactions for the e-wallet.
Chaldal Acquires Permit for e-Wallet: ChaldalPay
In an announcement on its official social media page, the company writes:
“We are delighted to share that Bangladesh Bank has accepted our application and issued a NOC to offer wallet services to our customers. Based on this PSP License, Chaldal Payments Limited (a subsidiary of Chaldal Limited) is going to build an e-wallet that will make online transactions more secure and safe. A big day for Chaldal, a big step towards a cashless ecosystem.”
Chaldal has just gone on an expansion binge after years of planning and steady development. The firm has expanded into new categories, acquired and invested in new verticals (Cookups and BanglaMeds spring to mind), and introduced services in a number of new locations. To that reason, the launch of ChaldalPay couldn’t have come at a better time.
About the strategic upsides and vertical integration
Chaldal has been on a roll, branching out into new verticals, locations, and product categories. It has spread into four additional cities in Bangladesh in the previous few months. Dhaka, Narayanganj, Chittagong, Jessore, Khulna, Sylhet, and Rajshahi are among the seven cities in Bangladesh where Chaldal is currently available. In the next months, the firm wants to expand to 15 locations, according to the company. Chaldal is anticipated to increase its investment in online groceries and similar verticals as competition in digital commerce intensifies.
Chaldal secured $10 million in a Series C fundraising round in September to grow across Bangladesh, develop new product offerings, increase GoGo Bangla Limited’s coverage, and build a direct-to-consumer pharmacy. BanglaMeds, an e-pharmacy startup, has since been bought by the corporation.
Chaldal’s second vertical extension is Payment. Previously, the firm established Chaldal Vegetable Network in order to have more control over the vegetable supply chain and provide better prices to its clients. As the firm develops into new categories, more vertical integrations will likely be sought to integrate functions that were previously left to partners.
Once released, ChaldalPay will be one of the company’s most essential integrations. Users will still be provided with a variety of payment alternatives, but adopting ChaldalPay will provide extra benefits such as all of their payment and delivery information being pre-populated, allowing them to purchase with just one more tap, lowering expenses, and so on.