City Bank in Bangladesh has taken a significant leap by moving its e-commerce acquiring business to the TranzAxis payment gateway from Compass Plus Technologies. This strategic transition, which successfully migrated 3,000 e-commerce merchants in just one day, marks a crucial step in modernizing the nation’s online payment infrastructure. TranzAxis is a robust online payment solution supporting both consumer and merchant-initiated transactions across multiple networks. City Bank is the first in Bangladesh to adopt TranzAxis, setting a new standard for other financial institutions in the region.
Key features of TranzAxis that enhance merchant loyalty include an advertising platform, marketplace, e-invoice capabilities, and MobiCash Payments service. The adoption aligns with the Smart Bangladesh initiative and the expansion of the local currency card TakaPay. Mutual Trust Bank, another key player, recently transitioned to TranzAxis, showing a trend among Bangladeshi banks toward this technology. This move solidifies City Bank’s commitment to improved services and competitive edge in the evolving digital economy. Overall, the change to TranzAxis represents a pivotal moment in e-commerce payments in Bangladesh, paving the way for faster, secure, and efficient transactions for businesses and consumers alike.
