Chaldal, the country's largest online grocery store, has recently received the no-objection certificate (NOC) from the Bangladesh Bank to develop its subsidiary, Chaldal Payments, as a payment service provider (PSP).

The move comes at a time when most top tech start-ups in Bangladesh are working to expand their footprint in the financial technology sector considering the growing popularity of digital payments.

As such, many tech companies have already applied for NOCs to provide e-wallet and mobile wallet facilities, according to a central bank official.

For example, digital services platform Pathao is waiting for final clearance from the BB to launch PathaoPay. The company was issued an NOC to develop its PSP services in April 2021 and has since deployed the necessary technology to this end.

Now, Chaldal can also facilitate direct digital payments for its customers by settling transactions through a scheduled bank or financial institution.

"The digital payment service will help Chaldal better integrate its existing operation and reach out to new customers," said Waseem Alim, chief executive officer of Chaldal.

Chaldal is currently expanding its operations by building a network of logistics and supply chains across the country.

The online grocery store, which has long been working to set up an e-wallet platform, has already signed an agreement with Brac Bank to establish the lender as its settlement partner.

With its PSP licence, Chaldal Payments aims to create an e-wallet system that makes online transactions safer, faster and more secure, according to a press release from the company.

Over the years, Chaldal has initiated a number of efforts to diversify the delivery system for groceries, food and medicine through its subsidiaries: GogoBangla, Cookups and BanglaMeds.

A total of five entities -- iPay Systems Ltd, D Money Bangladesh Ltd, Recursion Fintech Ltd, Green and Red Technologies Ltd, and Progoti Systems – have so far been issued licences to operate as PSPs.

Currently, there are six NOC-holders for PSPs, a central bank official said.

NOC-holders can apply for the licence within a year if they implement the required technical infrastructure.