United Commercial Bank launched a state of the art digital banking platform, Upay, for both consumer and corporate customers of the bank on Tuesday, said a news release.
Upay aims to promote cashless and universal anytime-anywhere payments using mobile phones in Bangladesh.
UCB managing director and CEO AE Abdul Muhaimen announced the launch of Upay at Westin in Dhaka.
For the first time in Bangladesh, Upay will be using the most advanced and reliable technologies like Blockchain and QR or Quick Response Code to secure all financial transactions. Blockchain provides indelible and transparent record of all transactions while QR Code, as the name implies, is a fast and easy way to make payments.
Upay customers will not be required to carry cash to make payments. Using smart mobile phone as a digital wallet or personal computer connected to the internet, Upay customers will have the convenience of accessing any of their UCB accounts and perform all banking transactions.
Upay will cater to all consumers, corporate and govt payments like merchant shopping, bill payment, fund transfer, loan repayment, inward remittance, insurance premium, salary disbursement, e-commerce. Moreover, purchase of digital cheque for gifts, redemption of voucher and reward points, balance inquiry, mini statement can also be performed.