DHAKA, March 22 (Xinhua) -- "iPay" Systems Limited, the first digital payment platform in Bangladesh, has started its commercial journey in the country with a motto of building a cashless society.

The company said it will provide real cashless Fin-Tech experience that enables anyone to make payments for purchases and utilities.

"One can also exchange money with other iPay members. iPay is connected with all commercial banks in Bangladesh, so any bank account can be added to the wallet to add or withdraw money," said the company in a statement on Thursday.

According to the statement, Bangladeshi Finance Minister Abul Maal Abdul Muhith formally inaugurated the iPay on Wednesday night in the capital.

Muhith welcomed the initiative and hoped that iPay will help in building a cashless society in the country that ultimately ensures financial transparency.

iPay Systems Founder and CEO Zakaria Swapan said cashless payment will make monetary transactions transparent, as all transactions are recorded that are visible to both entities to validate.

"It will also reduce illegal activities like money laundering, funding extremists, as iPay does not allow physical cash transactions and all transactions done against verified account or withdraw money through the person's bank account," he added.

Licensed by Bangladesh Bank as payment service provider,the company said it will transact money from mobile phones or computers through internet.