Bangladesh's freelancers have got scope for encashing their earnings in internationally recognised Payoneer wallet directly through mobile financial service operator bKash.

Payoneer is an American financial services company that provides online money transfer, digital payment services and provides customers with working capital.

BRAC Bank, bKash and Payoneer jointly launched the service at an online event held on Thursday.

Under the service, freelancers would be able to encash up to Tk 1,25,000 a day from Bangladesh through bKash account.

The minimum encashment limit has been set at Tk 1,000.

Against transfer of money from Payoneer account, bKash customers would get 2 per cent instant cash back and the offer would be from February 10 to March 10.

Besides, the bKash mobile application can be used to open Payoneer account.

To bring money from Payoneer account, BRAC Bank would work as settlement bank.

At the event, BRAC Bank managing director and chief executive officer Selim RF Hussain said, ‘We are happy to introduce a very simple process for the freelancers to bring their hard-earned money to the country through bKash account instantly.’

He said that the sector had a huge potential to contribute to the country’s economy.

bKash chief executive officer Kamal Quadir said that the service was made available for the users from Wednesday.

To encourage the freelancers, the government has given tax holiday till the year 2024 along with a scope for receiving 4 per cent cash incentive against their earnings, said ICT Division state minister Zunaid Ahmed Palak.

Besides, measures are already in place to build a knowledge-based economy for Bangladesh, he said.

Palak also hoped that the country foreign currency earnings from IT hardware, software and service export would reach $5 billion.

Currently, Bangladesh’s outsourcing earnings are around $1.4 billion, including around $100 million by the freelancers, said Bangladesh Association of Software and Information Services president Russell T Ahmed.

There are around 6.5 lakh freelancers in the country.