Digital payment systems are at the peak of popularity in today’s world, with people increasingly relying on those for easy and hassle-free transaction. The scenario is not different in Bangladesh and the number of mobile financial service (MFS) accounts in the country had reached 23.80 crore as of January 2025 (Source: Bangladesh Bank). 

Several MFS providers operate in Bangladesh including bKash, Nagad, Rocket. Among them, bKash holds the superior position in terms of mobile financial services. It is now more than a mobile financial service and has become a part of daily life where people often use it as a verb: “bKash koro” instead of “send money”, the same way Google and Xerox have become verb as well.  

bKash is dominating the market for over a decade by serving more than 50 million users nationwide. Due to its wide agent network, user friendly mobile app, bKash enjoys an immense level of trust and reliability that is difficult for global fintech players to match.

Google Pay is a global fintech brand with a strong presence in 96 countries, was launched in Bangladesh in June, 2025 in collaboration with City Bank. Google Pay ensures fast, secure, convenient digital payment. However, it always left a question mark that whether Google Pay be able to penetrate successfully in Bangladeshi local market!

Bangladesh is a developing country, with a significant portion of the population living in the countryside. In many households, the primary earner mostly lives in abroad or Dhaka, while rest of the family members reside in smaller towns. This creates a steady demand of monthly or instant transaction throughout the year, which bKash has been able to capture efficiently. By educating people from the scratch about MFS along with providing hassle-free transaction facilities, bKash has created a vast user base and a reliable ecosystem. 

In contrast, Google Pay comes with advance services and international-standard security but has higher entry barriers such as the user must have an account in the City Bank and must be a VISA Card or Master Card holder. Consequently, it will difficult for Google Pay to capture a wide range of population who consider creating a bank account or keeping Debit or Master card as a hassle and most of them are not familiar with it. At the same time, bKash is usable in basic feature phone whether using Google Pay requires android phones with NFC support and iPhones with iOS 12.0 or later, limiting its potential user base. 

However, opportunities exist for Google Pay to operate in Bangladesh. The country’s freelancing sector, currently engaged with 650,000 to 1 million people, highlights a promising market. It will be an opportunity for Google Pay if they facilitate this huge population with getting their payments from international market easily. 

Though it is difficult for Google Pay to capture the local market in competition with the local giants like bKash, its presence can drive innovation, improve service quality, and expand financial inclusion in Bangladesh.