• By quade
• 14 November 2023

PayPal Becoming A Necessity for Continued BPO Development

As the BPO industry continues to grow in Bangladesh, some experts have cited the country’s need for easy money transfer methods across global lines for BPO workers. For that reason, Faisal Mustafa, CEO of Viser X Limited and chairman of the Global Market Development Subcommittee at the Bangladesh Association of Contact Centers and Outsourcing (Bacco), cited the need for effective payment platforms like PayPal.

Paypal is one of the world’s largest and most used payment platforms. It has been adopted by dozens of countries worldwide. This provides the easiest way for people to transfer money. For that reason, Faisal believes that the government should push for PayPal to be launched in Bangladesh to improve the BPO sector.

PayPal’s Benefits to the Bangladesh BPO Sector

During the BPO Summit Bangladesh 2023, Faisel discussed how PayPal could improve the conditions of the country’s BPO sector. He discussed this during a talk called “Small Ideas, Big Impact: The Path From Freelance To Entrepreneurship.”

This summit happened in Dhaka, the Bangladeshi capital
at the Intercontinental Hotel on July 22-23. 2023 marked their 5th-ever summit. They discussed the state of the BPO Sector and how it could be improved.

“Most buyers outside the country feel comfortable paying on Paypal for services. It is very essential for that.”

– Faisal Mustafa, CEO of Viser X Limited

During his keynote, Faisal stated that there have been efforts to bring PayPal into Bangladesh multiple times. However, each of these efforts has failed due to bureaucratic red tape. He says this has negatively affected the country’s BPO sector, as allowing PayPal could lead to changes.

A big part of the BPO sector is outsourcing. This requires companies to work with businesses and clients from far away. This includes handling payments, which is where PayPal comes in. Clients and companies can transact with each other more easily with PayPal.

As such, it has become one of the main payment methods for businesses globally. The major BPOs aren’t the only ones to benefit from it either, as freelancers stand to benefit from its addition to the county. PayPal has become one of the methods for freelancers to receive payments.

Faisal believes the government should make stronger efforts to allow PayPal into the country. He discussed this in The Business Standard.

“Paypal is present in almost all countries of the world. Only five countries, including Bangladesh, do not have it. When a client from a foreign country wants to pay a freelancer, they can pay quickly through Paypal. The cost of transactions is also low. Due to the lack of Paypal, Bangladeshi freelancers often lose projects.”

– Faisal Mustafa, CEO of Viser X Limited

Road Map to Modernize the Bangladesh BPO Sector

Access to financial platforms like that is becoming essential to the BPO industry. Faisal said the government should continue investing in other areas to entice foreign investors to put money into the BPO industry. 

Another place he believes Bangladesh should invest money in is its human resources area, where there is a shortage of qualified workers. One way they can combat this is by focusing more on specialized training instead of general education in school.

Aside from the workers, the BPO Summit Bangladesh also noted the issues facing the country’s infrastructure. Faisal criticized the government’s electricity grid, as many facilities are around Dhaka. He proposed that the government put more effort into developing the grids of smaller cities to modernize them and make them more attractive investment hubs.

Lastly, he stressed the need for a robust data security system to prevent hacks. The government should invest in further IT developments which will allow the BPO sector to handle future digital challenges.

The last of these is most important, as the cyber world offers countless opportunities, and the BPO sector must be prepared to take full advantage of them. One of the guest speakers, Planning Minister MA Mannan, talked about the importance of freelancers to the economy.

“A small idea can make a great impact in society. Our freelancers can contribute to the nation greatly.”

– MA Mannan, Planning Minister

He was not the only one who shared these ideas as Towhid Hossain, the Bacco General Secretary also discussed this and emphasized his organization’s role in helping them.

“Freelancers are working individually. Bacco’s job is to work with those who have transitioned from freelancers to institutions. We have a freelancer-to-entrepreneur program.”

– Towhid Hossain, Bacco General Secretary

“The BPO sector has the potential to create one lakh job opportunities and generate $1 billion in revenue by 2025. To meet this goal, a substantial workforce will be required. We are working towards that goal,”

– Towhid Hossain, Bacco General Secretary