Report on CashBaba

Submitted to:
Dr. Md. Rakibul Haque
Professor
Department of Management Information Systems (MIS)
Faculty of Business Studies (FBS)
University of Dhaka

Submitted by:
Silvia Karim Dipty
ID: 029-13-031
Section: A
Batch: MIS 13th

Date of Submission: July 20th, 2023

1|Page
Table of Contents
Introduction ..................................................................................................................................... 3
Overview of Recursion FinTech ..................................................................................................... 4
Overview of CashBaba ................................................................................................................... 5
Features of CashBaba ..................................................................................................................... 5
Types of Wallets in CashBaba....................................................................................................... 12
Personal Wallet .......................................................................................................................... 12
Process to sign-up .................................................................................................................. 13
Limits ..................................................................................................................................... 13
Charges .................................................................................................................................. 14
Merchant Wallet ........................................................................................................................ 14
Process of signing up ............................................................................................................. 14
Benefits .................................................................................................................................. 14
Limits ..................................................................................................................................... 16
Charges .................................................................................................................................. 16
Advantages of CashBaba .............................................................................................................. 17
Shortcomings of CashBaba ........................................................................................................... 18
Competitors ................................................................................................................................... 19
iPay ............................................................................................................................................ 19
Dmoney ..................................................................................................................................... 20
Conclusion .................................................................................................................................... 22
References ..................................................................................................................................... 23

List of Figures
Figure 1: Logo of Recursion Fintech. ........................................................................................................... 4
Figure 2: Logo of CashBaba ......................................................................................................................... 5
Figure 3: CashBaba Card. ............................................................................................................................. 5
Figure 4: Process for applying for a CashBaba Card. ................................................................................... 6
Figure 5: Process of paying through QR. ...................................................................................................... 7
Figure 6: Transfering process in CashBaba. ................................................................................................. 8
Figure 7: Mobile recharge process through CashBaba. ................................................................................ 9
Figure 8: Add money process in CashBaba. ............................................................................................... 10
Figure 9: Send money process in CashBaba. .............................................................................................. 11
Figure 10: Limits of personal wallet. .......................................................................................................... 13
Figure 11: Limits of merchant wallet. ......................................................................................................... 16
Figure 12: Charges associated with merchant wallet. ................................................................................. 17

2|Page
Introduction
In this digital era, FinTech has become one of the most essential industries in Bangladesh. And
with the growth of FinTech, e-wallets are also getting popular. E-wallets are FinTech components
through which users can make transactions, purchase things, store funds, track transaction history
and so on anytime, anywhere by their mobile phones. This report will be discussing about such an
e-wallet in Bangladesh, “CashBaba”. An overview of CashBaba will be provided in the report
along with its business model, types of accounts, process of being its user, its services and facilities
as well as its advantages and shortcomings. Also, the competitors of CashBaba and the challenges
it is facing in its operations in Bangladesh will be evaluated in the report.

3|Page
Overview of Recursion FinTech
CashBaba is and online payment gateway service and also works as an e-wallet of Recursion
FinTech Limited. Recursion FinTech is the first PSP (Payment Service Provider) in Bangladesh
(Cashbaba, 2023). PSP or Payment Service Provider refers to a third-party organisation that
enables business organisations to accept and make transactions through debit cards, credit cards,
e-wallets, etc. (Lao & Liu, 2015). Recursion Technologies Limited was established in 2006 and is
aimed at delivering IT solutions, software development, web applications and so on. And by
launching CashBaba through its component, Recursion Fintech, it has become the first e-wallet
and payment gateway solution provider in Bangladesh.

Figure 1: Logo of Recursion Fintech.

Recursion FinTech is licensed by PCI-DSS, ISO 27001 and 9001. PCI-DSS or the Payment Card
Industry-Data Security Standard is a set of rules and regulations that ensures the security of
transactions through debit cards, credit cards and e-wallets (PCI Security Standards Council,
2023). It protects the personal information of users from being misused as well. ISO 27001 is a
standard for ISMS (Information Security Management Systems). Certified by ISO 27001 means
that the organization is secured and safe from data breach and it helps people trust the company
(ISO, 2023). Recursion FinTech is also certified by ISO 27001 that makes it secured and
trustworthy. Thus, it makes its online payment gateway CashBaba also secured and trustworthy.

4|Page
Overview of CashBaba
CashBaba is a digital wallet platform created for enabling people make cashless transactions in a
more convenient way. Through this, a person can be able to make transactions without any cash or
card, only a mobile phone will do. In 2021, Recursion FinTech launched CashBaba as its new and
innovative FinTech service (Cashbaba-About Us, 2023). Before launching the e-wallet, Recursion
FinTech had received ISO 27001certification and ISO 9001 certification in 2018. They had also
received PCI DSS certification in 2019 and PSP license in 2020 from Bangladesh Bank (Cashbaba-
About Us, 2023). All these certifications made Recursion Fintech and CashBaba more reliable to
the people. The features of CashBaba have attracted the people a lot.

Figure 2: Logo of CashBaba

Features of CashBaba
CashBaba has many features. Some of its main features are as follows:

CashBaba Card

Figure 3: CashBaba Card.

5|Page
In Bangladesh, a groundbreaking development has occurred, as a card network has surpassed
traditional boundaries by forming a primary membership alliance with a fintech company instead
of a bank (Cashbaba-Features, 2023). This unique collaboration allows users of the platform to
receive a complimentary card along with every wallet in the country. Through this partnership with
UnionPay International, individuals can now experience the advantages of co-branded card
services. With this card, customers gain the ability to conveniently access their balance at over
61,000 point-of-sale (POS) machines nationwide, make purchases on numerous e-commerce
platforms, and withdraw cash from over 11,000 ATMs across the country. And there are no interest
charges or annual fees involved with it as well (Cashbaba-Features, 2023).

To apply for a CashBaba card, one needs to click on “Apply for Card” and then provide his location
where they want their card to be shipped. And then click on “Submit” and “Done”. This is how a
customer can apply for a CashBaba card and get it shipped at his provided location.

Figure 4: Process for applying for a CashBaba Card.

Source: (Cashbaba-Features, 2023)

6|Page
QR Payment

CashBaba utilizes the EMVCo standard QR code to ensure secure payment transactions that are
globally interoperable and widely accepted (Cashbaba-Features, 2023). With the CashBaba
application, a customer can effortlessly scan the QR code of the CashBaba network and make
instant payments. By leveraging this QR code technology, the payments are swiftly transferred
directly to the merchant's account, simplifying the transaction process.

The process of paying through QR is as follows:

Figure 5: Process of paying through QR.

Source: (Cashbaba-Features, 2023)

Transfer

Customers can also transfer money from their CashBaba wallet balance. It just requires the
customers to go to the “Transfer” option and provide the account details of the receiver and the

7|Page
amount he wants to transfer. After that, the customer will have to provide the OTP and submit the
request. In this way, the selected amount will be transferred to the selected account.

Figure 6: Transfering process in CashBaba.

Source: (Cashbaba-Features, 2023)

Mobile Recharge

With CashBaba, recharging prepaid or postpaid mobile is incredibly convenient. This platform
offers Mobile Recharge services for all major mobile operators in Bangladesh, such as
GrameenPhone, Robi, Airtel, Banglalink, and TeleTalk (Cashbaba-Features, 2023). Not only can
customers recharge their own mobile numbers, but they can also easily recharge the mobile
numbers of their friends and family using our app. There will be no more hassle of traditional
recharge methods and people can now enjoy the simplicity of mobile recharging with CashBaba.

8|Page
 Figure 7: Mobile recharge process through CashBaba.

Source: (Cashbaba-Features, 2023)

Add Money

Adding money to the CashBaba wallet is a quick, easy, and secure process. Users are required to
add funds to their CashBaba wallet or receive funds from another user before initiating any
financial transaction through the application. Funds can be added instantly from the user's bank
account or through their debit/credit card.

9|Page
 Figure 8: Add money process in CashBaba.

Source: (Cashbaba-Features, 2023)

The platform also allows users to link multiple bank accounts or cards to their wallet. The added
funds can be used to make payments at various establishments such as departmental stores,
restaurants, hospitals, educational institutions, and even for mobile recharges (Cashbaba-Features,
2023). Additionally, users can utilize their wallet balance for online payments at any merchant's
platform. With CashBaba, users enjoy the convenience and flexibility of managing their finances
for a seamless payment experience.

Send Money

CashBaba offers a hassle-free solution for sending money to friends and family, making it the
simplest, most efficient, and cost-free method available. Users can conveniently send money to

10 | P a g e
anyone, anytime, and anywhere with just a tap of their finger. CashBaba enables users to receive
and send money without any additional charges, providing a truly cost-free experience.

Figure 9: Send money process in CashBaba.

Source: (Cashbaba-Features, 2023)

With CashBaba, individuals can enjoy the convenience of seamless money transfers, allowing
them to effortlessly support their loved ones or handle financial obligations. Whether it's sending
money for personal reasons or meeting financial needs, CashBaba ensures a user-friendly platform
that simplifies the process of sending and receiving funds while keeping costs at bay.

Virtual Cash

CashBaba empowers users to support their friends and family without the need for physical cash
or sharing card details. With CashBaba, individuals can generate a virtual cash number for a
specific amount or merchant, providing a convenient way to transfer funds securely (Cashbaba-

11 | P a g e
Features, 2023). Users can then share this unique number with the intended beneficiary. When
making a payment at a merchant point or an e-commerce site, the beneficiary can simply utilize
the generated number to fulfill the payment for the specified amount. This innovative feature
ensures a seamless and secure transaction process, allowing users to assist their loved ones in
utilizing their funds at various merchants or for online payments. CashBaba enables users to extend
their financial support without the complexities of traditional methods, making it a reliable and
efficient solution for shared financial transactions.

Request Money

CashBaba has revolutionized the process of requesting money, providing users with unparalleled
convenience. Users can effortlessly request money from their friends or family who have a
CashBaba account by simply using their mobile numbers (Cashbaba-Features, 2023). The best part
is that there are no costs involved when requesting money from friends and family, making it an
even more attractive option for sending funds. CashBaba streamlines the process, ensuring a
seamless experience for users to request the financial support they need. Whether it's splitting
expenses, pooling funds for a gift, or any other monetary request, CashBaba simplifies the
transaction process and enables users to easily receive the money they require (Cashbaba-Features,
2023). With CashBaba, requesting money has never been easier, allowing users to effortlessly
manage their finances and foster a strong network of support among friends and family.

Types of Wallets in CashBaba

There are two types of wallets offered by CashBaba. These are Personal wallet and Merchant
Wallet; these are described below:

Personal Wallet
The Personal Wallet is designed for individual users to store and manage their funds (Cashbaba-
Personal, 2023). Users can add money to their Personal Wallet from their bank accounts,
debit/credit cards, or through various other payment methods supported by CashBaba. The
Personal Wallet allows users to make payments for a wide range of services, including mobile
recharges, utility bill payments, online shopping, and more (Cashbaba-Personal, 2023). Users can
also send and receive money from other CashBaba users using their Personal Wallets. The Personal
Wallet provides a secure and convenient way to handle personal financial transactions.

12 | P a g e
Process to sign-up
In order to sign up for a personal wallet with CashBaba, the following steps are needed:

• Download the CashBaba app and proceed to the Sign-Up page.

• Provide a mobile number, create a password, and click on the Register button.
• Verify the mobile number by entering the received code, scan the National ID (NID) card,
and take a photo to complete the registration process. Afterward, users can start conducting
transactions immediately.

Limits
There are limits of transactions for the personal wallets. The maximum balance can be BDT
4,00,000. Limit to add money is BDT 1,00,000 per transaction. Customers can add up to BDT
4,00,000 per month to their wallets. The other limits are given below:

Figure 10: Limits of personal wallet.

Source: (Cashbaba-Personal, 2023)

13 | P a g e
Charges
Most of the services of CashBaba personal wallet such as add money, send money, registrations,
account maintenance, mobile recharge, receive money, QR code purchase are free of charge. The
charges applied for the personal wallets are given below-

• Unlink bank: BDT 5

• Utility bill payment: BDT 10
• Credit card bill payment: 1.25%
• Transfer money to bank: 1.25%
• ATM cash out charge at a minimum of BDT 3000: 1.25% (Cashbaba-Personal, 2023).

Merchant Wallet
The Merchant Wallet is specifically designed for businesses and merchants. It allows merchants to
receive payments from their customers through the CashBaba platform. Merchants can register
their businesses with CashBaba and set up their Merchant Wallets to accept payments from
CashBaba users (Cashbaba-Personal, 2023). The Merchant Wallet offers features such as
transaction management, sales reports, and customer data analysis, providing businesses with
valuable insights and tools to efficiently manage their operations. By using the CashBaba Merchant
Wallet, businesses can provide their customers with convenient and secure payment options.

Process of signing up:

• Users can download the CashBaba app and navigate to the Sign-Up section.
• They need to provide their mobile number, create a password, and proceed to click on the
Register button.
• A verification code will be sent to the registered mobile number, which needs to be entered
to complete the mobile number verification process. Additionally, users are required to scan
their National ID (NID), take a photo, and provide relevant business information and
documents as necessary during the registration process.

Benefits
The benefits of the merchant account of CashBaba are discussed below:

14 | P a g e
Affordable alternative: Becoming a merchant of CashBaba is a cost-effective choice as it entails
no hardware expenses, no upgradation costs, and no additional charges for software usage. With
zero cost investment, individuals can easily join CashBaba's merchant network and leverage its
services to enhance their business operations (Cashbaba, 2023). This means that merchants can
enjoy the benefits of CashBaba's platform without worrying about any financial burdens associated
with setup or maintenance expenses. CashBaba provides a hassle-free and budget-friendly
opportunity for merchants to expand their reach and streamline their payment processes.

Provides mobility: CashBaba offers you the flexibility to receive payments anytime and anywhere
with utmost convenience. All your customers need to do is scan your unique payment QR code,
allowing them to make seamless and secure payments within seconds. With CashBaba, the process
of receiving payments becomes effortless and efficient, empowering you to accept transactions on
the go, whether you are at your business premises or out in the field (Cashbaba, 2023). This
mobility and simplicity make CashBaba a valuable tool for enhancing your payment collection
process and delivering a seamless experience to your customers.

Distribution channel payment: CashBaba provides a convenient solution for managing

distribution channel payments, especially when dealing with multiple levels of channel partners.
With CashBaba, businesses can streamline their payment processes and ensure efficient financial
transactions within their distribution network (Cashbaba, 2023). By leveraging the platform,
businesses can facilitate seamless payments to their channel partners, allowing them to sell
products at the lowest possible cost. This efficient payment management system helps businesses
optimize their distribution channels, minimize costs, and enhance overall operational
effectiveness. CashBaba empowers businesses to effectively manage their distribution network
and strengthen their relationships with channel partners through simplified and cost-effective
payment solutions.

PCI DSS certified: As a PCI DSS certified company, the utmost priority of CashBaba is to
maintain the highest level of security when processing payment card data (Cashbaba, 2023).
Stringent security measures are implemented to safeguard sensitive information and prevent any
potential security issues. CashBaba adheres to the Payment Card Industry Data Security Standard
(PCI DSS), which sets comprehensive requirements for handling cardholder data securely. By
complying with these standards, CashBaba ensures the protection of customer data, including

15 | P a g e
payment card information, throughout the payment process. The company also proactively takes
preventive measures to address any potential security risks, maintaining a secure environment for
conducting transactions and ensuring customer trust and confidence in the platform.

Limits
The limits for CashBaba merchant wallets are as follows:

Figure 11: Limits of merchant wallet.

Source: (Cashbaba, 2023)

Charges
There are different charges associated with the merchant wallet of CashBaba. Although some
services are free of charges, such as registration, account maintenance, add money, supplier
payment and transaction history. The other services have the following fees associated:

16 | P a g e
 Figure 12: Charges associated with merchant wallet.

Source: (Cashbaba, 2023)

Advantages of CashBaba
CashBaba has many features and is very convenient for the users. The advantages of CashBaba
are as follows:

17 | P a g e
Convenience: CashBaba provides a user-friendly platform that allows users to perform various
financial transactions, such as mobile recharges, bill payments, and fund transfers, all in one place.
Users can access these services anytime and anywhere, making it a convenient solution for
managing their financial needs.

Secure Transactions: CashBaba prioritizes the security of its users' data and transactions. With
measures such as PCI DSS certification and robust encryption protocols, CashBaba ensures the
highest level of security for processing payments and protecting sensitive information (Cashbaba,
2023).

Cost-Effective: CashBaba eliminates the need for physical cash transactions, reducing the
associated costs and risks. Users can make payments digitally, avoiding additional fees often
associated with cash handling or traditional payment methods.

Versatility: CashBaba offers a wide range of services beyond basic payments, including merchant
transactions, distribution channel management, and the ability to generate virtual cash numbers
(Cashbaba, 2023). This versatility allows users to meet various financial needs through a single
platform.

Accessibility: CashBaba is designed to be user-friendly and accessible to a broad user base. It

accommodates both individuals and businesses, enabling everyone to benefit from its services
regardless of their technological expertise.

Innovation: CashBaba continuously introduces new features and enhancements to improve the
user experience (Cashbaba, 2023). It leverages emerging technologies and market trends to offer
innovative solutions for managing finances and conducting transactions.

Shortcomings of CashBaba
There are some shortcomings of CashBaba as well. Such as,

Limited Acceptance: CashBaba's acceptance may be limited compared to more widely

recognized payment systems. It might not be universally accepted across all merchants or service
providers, which could restrict users' options for making payments.

Connectivity and Technical Issues: CashBaba's functionality relies on a stable internet

connection and well-functioning technology. Users may face challenges if they encounter
18 | P a g e
connectivity issues or technical glitches, which could hinder their ability to access and use the
platform.

User Adoption: CashBaba's success relies on widespread user adoption. Encouraging a significant
number of users to adopt and actively use the platform might take time, particularly in regions
where traditional payment methods are deeply entrenched.

Customer Support: As with any financial service provider, the quality of customer support
provided by CashBaba could vary. Users may face challenges in receiving prompt and satisfactory
assistance if they encounter issues or have inquiries related to their CashBaba accounts or
transactions.

Security Risks: While CashBaba emphasizes security, no system is entirely immune to risks.
Despite implementing robust security measures, there is always a potential risk of data breaches,
fraudulent activities, or unauthorized access. Users should remain vigilant and take appropriate
precautions when using any digital financial platform.

Competitors
The major competitors of CashBaba are iPay and Dmoney. These competitors are analyzed below:

iPay
iPay is a feature-rich bill pay service that offers a wide array of benefits and features to simplify
and streamline the bill payment process (First Western Bank & Trust, 2021). With iPay, users can
make payments to businesses and individuals using their Internet banking account. The platform
provides a convenient and secure way to determine who to pay, which account to use for the
payment, and when to schedule the payment.

One of the standout features of iPay is its versatility. It offers various payment options, including
bill payments, rush payments for expedited payment distribution and tracking, gift payments for
personalized gift checks and charitable donations, person-to-person electronic payments (P2P),
eBill viewing and payment for electronic bills, and bank-to-bank transfers for institution-to-
institution money transfers (First Western Bank & Trust, 2021). This comprehensive suite of
features allows users to handle a wide range of payment needs all in one place.

19 | P a g e
iPay also offers useful tools to help users stay organized and in control of their payments. Users
can access their payment history, view summary bills from eligible companies with eBills, and set
up text and email reminders to ensure they never miss a payment (First Western Bank & Trust,
2021). The payment calendar feature allows users to schedule future payments, providing them
with peace of mind and greater control over their financial obligations.

One of the significant advantages of using iPay is the enhanced level of security it offers. By paying
bills online, users can reduce the risk of identity theft associated with lost or stolen checkbooks,
bills, and statements (First Western Bank & Trust, 2021). The platform also provides increased
privacy as only the user can access their account information, account numbers, and payment
history. With real-time access to payments activity, users can maintain tighter control over their
accounts.

In addition to the security benefits, iPay offers substantial time and cost savings. Paying bills online
eliminates the need for postage, envelopes, and checks, helping users save money. It also saves
valuable time by allowing users to pay all their bills in one place, eliminating the hassle of
managing multiple payment methods.

Overall, iPay is a robust and user-friendly bill pay service that provides a secure, efficient, and
convenient way to manage and pay bills (First Western Bank & Trust, 2021). With its range of
features, enhanced security measures, time and cost savings, and organizational tools, iPay is an
excellent solution for individuals and businesses seeking a comprehensive bill payment platform.

Dmoney
Dmoney is a digital payment platform and lifestyle app that aims to meet the evolving needs of
users in Bangladesh (The Daily Star, 2019). Users can easily open an account from their
smartphones and connect the Dmoney app to their bank accounts. The platform allows users to
send and receive money, as well as access various lifestyle services within the app, such as mobile
top-up, bill payment, ticketing, food ordering, insurance, and health services. The app is available
for download on both the app store and Google Play store.

Dmoney provides multiple touch points for bill payment, including QR code and online gateway
options, and is accepted at around 2,500 offline and online stores (The Daily Star, 2019). The

20 | P a g e
platform has also formed a QR alliance with leading banks in Bangladesh, enabling customers
from One Bank, Trust Bank, and Al Arafah Islami Bank to participate.

Having obtained a Payment Service Provider (PSP) license from Bangladesh Bank, Dmoney aims
to leverage technology and partnerships to break the barriers between cash and digital payments.
The platform seeks to contribute to the digital transformation by providing secure, user-friendly
services and onboarding and digitizing merchants with QR code solutions. The company is proud
to have built Dmoney in Bangladesh, with a talented team of engineers.

Dmoney has garnered recognition, being named one of the "10 Most Convenient Wallets to Watch
in 2019" by APAC Business Headlines, the only wallet from South Asia to achieve this distinction
(The Daily Star, 2019). The company aims to contribute to the advancement of Bangladesh's
economic growth and digitization, providing an ecosystem that addresses the needs of homes,
small and medium businesses, and underserved populations.

21 | P a g e
Conclusion
In conclusion, the report has provided an overview of CashBaba, an e-wallet in Bangladesh,
highlighting its business model, account types, user registration process, services, advantages, and
shortcomings. CashBaba has emerged as a prominent player in the growing FinTech industry in
Bangladesh, offering users the convenience of making transactions, storing funds, and tracking
transaction history through their mobile phones. The report has highlighted the advantages of
CashBaba, including its ease of use, secure transactions, and cost-effectiveness. Users can benefit
from its wide range of services, such as mobile recharges, bill payments, peer-to-peer transfers,
and merchant payments, all accessible at their fingertips. Overall, CashBaba exemplifies the
ongoing digital transformation in Bangladesh's financial landscape. As the FinTech industry
continues to evolve, it is essential for CashBaba to stay agile, innovative, and responsive to
changing customer demands and emerging market trends.

22 | P a g e
References

Cashbaba (2023) The Most Secure Payment Service Provider (PSP) in Bangladesh, Cashbaba.
Available at: https://www.cashbaba.com.bd/ (Accessed: 20 July 2023).

Cashbaba-About Us (2023) About this awesome app, Cashbaba. Available at:

https://www.cashbaba.com.bd/about (Accessed: 20 July 2023).

Cashbaba-Features (2023) Home, Cashbaba. Available at: https://www.cashbaba.com.bd/features

(Accessed: 20 July 2023).

Cashbaba-Personal (2023) Go cashless and let’s change the way to pay, Cashbaba. Available at:
https://www.cashbaba.com.bd/personal (Accessed: 20 July 2023).

The Daily Star (2019) New payment app dmoney launched, The Daily Star. Available at:
https://www.thedailystar.net/business/banking/dmoney-new-digital-payment-app-
launched-bangladesh-1807381 (Accessed: 20 July 2023).

Daily Sun (2021) Recursion fintech launches Cashbaba: Daily sun |, daily sun. Available at:
https://www.daily-sun.com/post/544309/Recursion-FinTech-launches-Cashbaba
(Accessed: 20 July 2023).

First Western Bank & Trust (2021) What is iPay? - first Western Bank & Trust. Available at:
https://www.firstwestern.bank/wp-content/uploads/2019/01/What-is-iPay.pdf (Accessed:
19 July 2023).

ISO (2023) ISO/IEC 27001 Standard – information security management systems, ISO. Available
at: https://www.iso.org/standard/27001 (Accessed: 20 July 2023).

Lao, G. and Liu, H. (2015) ‘Study of Mobile Payment Business Model based on third-party mobile
payment service provider’, 2011 International Conference on Management and Service
Science [Preprint]. doi:10.1109/icmss.2011.5999096.

PCI Security Standards Council (2023) Official PCI Security Standards Council Site, PCI Security
Standards Council. Available at: https://www.pcisecuritystandards.org/ (Accessed: 20 July
2023).

23 | P a g e