From cash to digital: bKash Payroll’s role in advancing a cashless economy

Abstract

The current internship report examines the important role that bKash Payroll can play in facilitating the adoption of a cash-based economy by a more inclusive and digital financial system in Bangladesh. bKash as one of the most popular mobile financial service (MFS) providers has played a major role in transforming the mode of salary disbursement especially among the businesses and industries where bank services are either restricted or not available. This change to digital bKash payrolls has replaced manual and cash-based payroll systems with improved convenience, transparency, and financial empowerment of employers and employees. During the internship, it became clear that bKash Payroll does not only lessen the burden and security risks of the organizations in terms of operation but also contributes significantly to increasing the financial inclusion of the organizations. Thousands of employees, particularly those in industries such as the Ready-Made Garments (RMG) industry, are being paid their salaries directly into their mobile wallets and thus can access a great number of financial services including savings, mobile recharge, utility bill payments and microloans. This digitalization is a major factor to economic formalization and helps the government in a larger picture of a Digital Bangladesh. The report concludes by affirming that bKash Payroll is not just a payroll tool, it is a strategy tool that is propelling the evolution of an economy with no cash, and a digitally inclusive society. bKash is transforming the future of digital finance in Bangladesh by making the process of salary disbursement less cumbersome and making financial services more accessible to the population.