BANGLA QR
Out of 7.8 million enterprises in Bangladesh, 88% (6.86 million) are cottage enterprises that employ 13.16 million people. A further 11% micro enterprises create employment of 0.56 million. CMSMEs together represent 99.84% of the total enterprises in the country. Almost 80 per cent of the total employment in the industrial sector comes from CMSMEs making nearly 45-per cent value addition to the manufacturing sector. In aggregate, SMEs contribute to 25% of Bangladeshi GDP, as of 2018 it stands at 79 billion USD.
However, despite the significant contribution to Bangladesh economy, borrowing from the formal banking channel has been difficult for small enterprises, specifically which are located in rural areas, due to unclear definition, lack of required documents and deficient bank-client relationships. Even the complicated disbursement process, absence of bank account, and minimal scope of collateral have been creating barriers CMSMEs to obtain loans.
Zaytoon Business Solutions wants to make the loan products more accessible to rural CMSMEs through the “Village Digital Booth”.
The loan products will be offered in the following modes:
- Agricultural Loan: It is a loan product for all kinds of agro-based and agro-processing industries available to CMSMEs and other special organizations engaged in the field.
- Small Business Loan: The loan fulfills the working capital requirement of CMSMEs.
- Revolving Short Term Loan Facility: Any Small and Medium Enterprises (SME), whether it is manufacturing, service, trading or farming can avail this facility for working capital for payment of local procurement of inventory / raw materials and to meet any kind of short-term urgent fund requirement.
- Commercial Space Finance: A term loan product for Small and Medium Enterprise customers who want to purchase, renovate or develop/construct commercial space.
- Loan for CMSMEs for fixed capital investments: This will allow them to purchase Machinery, equipment, Furniture, vehicles, etc. for commercial uses.
Zaytoon Business Solutions: A Comprehensive Guide to QR Code Payments
As part of Zaytoon Business Solutions’ commitment to advancing financial inclusion and providing innovative solutions for rural Bangladesh, we recognize the significant role that mobile and smartphone technology has played in reshaping payment systems. QR code payments have emerged as a secure, user-friendly, and widely accepted solution, transforming the way businesses and consumers conduct transactions. In this guide, we will delve into the growing significance of QR code payments and how Zaytoon Business Solutions is leveraging this technology to empower individuals in rural areas and streamline their financial services.
What are QR Code Payments?
QR (Quick Response) code payments are a secure and contactless method of conducting transactions. In this process, users scan a two-dimensional barcode—known as a QR code—using their mobile phones, which then triggers the payment process. This system offers a secure and convenient exchange between customers and merchants. Through QR codes, Zaytoon is enabling digital financial transactions that are simple, fast, and accessible, making them a viable payment solution for individuals in rural Bangladesh.
How Do QR Payments Work in the Zaytoon Ecosystem?
The QR code payment process is straightforward and efficient, providing a seamless transaction experience for Zaytoon customers. Here’s how it works:
- Customer Scans the QR Code:
The customer uses their smartphone to scan the QR code presented by a merchant or Zaytoon’s Village Digital Booth (VDB). This QR code contains all the necessary payment details, including the recipient’s account and the transaction amount. - Payment Confirmation:
After scanning, the customer is directed to a payment page via a mobile app or browser. The payment details, such as the amount, are displayed, and the user is asked to confirm the transaction. - Authentication and Payment Submission:
The customer may be asked to enter additional authentication details, such as a PIN or biometric information, to complete the payment. Once confirmed, the payment is processed, and the funds are transferred securely from the customer’s account to the merchant or Zaytoon’s VDB. - Digital Receipt:
After the transaction, the customer receives a digital receipt confirming the successful completion of the payment.
This streamlined process ensures that Zaytoon customers, particularly in rural areas, can conduct transactions easily without the need for physical cash or cards.
The Advantages of QR Payments for Zaytoon’s Customers
QR code payment systems offer numerous benefits that align with Zaytoon’s mission to bring financial empowerment to underserved communities. Some of the key advantages include:
- Ease of Use:
With smartphones being widely used across rural Bangladesh, QR codes make it easy for Zaytoon customers to conduct transactions without the need for complex payment methods. A simple scan and confirmation process ensures that everyone, regardless of tech-savviness, can participate in the digital economy. - Wide Acceptance and Accessibility:
QR codes have become widely accepted, and Zaytoon’s Village Digital Booths, spread across numerous rural areas, are well-positioned to support this trend. With the growing adoption of mobile technology, QR payments are an increasingly popular choice among both merchants and consumers. - Security:
QR payment systems are backed by encryption and tokenization, ensuring that transaction details are kept safe from unauthorized access. Zaytoon ensures that all transactions conducted through its digital booths are encrypted and secure, minimizing the risks of fraud and data breaches. - Faster Payment Processing:
QR code payments offer near-instantaneous processing, reducing the time spent waiting for transactions to complete. This rapid payment process is particularly valuable for busy merchants and consumers, enhancing the overall customer experience in Zaytoon’s VDBs. - Integration with Loyalty Programs:
Zaytoon’s integration of QR code payments allows businesses to embed loyalty information within QR codes. This feature enables customers to earn rewards, redeem points, or access personalized offers in a single transaction, further incentivizing usage and increasing customer loyalty. - Tracking and Insights:
Zaytoon can collect valuable insights from QR code transactions, helping us refine our services, optimize inventory, and offer personalized promotions to our customers. This data also aids in fraud detection and ensuring the security of financial transactions.
QR Code Payments: How Zaytoon is Enabling Rural Financial Inclusion
Zaytoon Business Solutions has long been dedicated to advancing financial inclusion in rural areas of Bangladesh. By adopting QR code payments, we are:
- Bringing Financial Services to the Doorsteps: Through our Village Digital Booths (VDBs), Zaytoon is enabling rural communities to access digital financial services, including QR code payments, thus bridging the gap between urban financial services and underserved rural populations.
- Enhancing Financial Literacy: Zaytoon’s QR code payment system not only empowers customers to conduct transactions but also introduces them to the digital payment ecosystem. This supports Zaytoon’s broader goal of financial education in rural Bangladesh.
- Supporting Cashless Transactions: QR payments enable Zaytoon customers to go cashless, reducing dependency on physical currency and helping protect against cash handling issues, especially in remote areas.
QR Code Payment Integration: Zaytoon’s Future Vision
As part of our long-term mission to revolutionize rural financial services, Zaytoon aims to expand QR payment adoption throughout all our existing 250+ Village Digital Booths (VDBs) and eventually across all 64 districts by the end of 2025. Our goal is to make QR code payments available to rural communities throughout Bangladesh, providing secure, efficient, and reliable access to financial services for every individual.
How to Start Using QR Payments with Zaytoon:
For businesses and merchants working with Zaytoon, integrating QR code payments is straightforward. Here’s how you can get started:
- Register with Zaytoon’s Partner Network:
Sign up with Zaytoon’s extensive network of Village Digital Booths to integrate QR payments into your business. - Generate Your QR Code:
Zaytoon provides the tools for businesses to generate unique QR codes for payment transactions. Simply input your transaction details, and you’ll receive a personalized code for use. - Display and Scan:
Place the QR code at your storefront or within your Zaytoon VDB for customers to scan and make payments easily. - Track and Grow:
With Zaytoon’s dashboard, you’ll have access to detailed analytics on QR code payment usage, helping you track transactions and customer behavior.
Conclusion
QR code payments are transforming the landscape of financial transactions, making them faster, more secure, and incredibly accessible. Through our continued efforts, Zaytoon Business Solutions is enhancing the digital financial services ecosystem and bringing modern banking to the people who need it most. By integrating QR payments into our Village Digital Booths, we’re not just offering a new way to pay—we’re empowering rural Bangladesh to participate fully in