UPay
Upay is a digital financial service brand of UCB Fintech Company Limited, which is a subsidiary of United Commercial Bank PLC. Launched in early 2021 after receiving a license from Bangladesh Bank, it offers a wide range of mobile financial services to users across Bangladesh. Such services cover mobile transactions, payment of utility bills, in-store and e-commerce payment options, inward remittance, salary disbursement, airtime recharge, and various value-added financial services. These are offered in return for low charges using a number of agents and merchants across the country.
| Characteristic | Details |
|---|---|
| Regions | Bangladesh |
| Getting started | Mobile application or USSD-based registration |
| Commission per transaction | Depends on service (e.g., cash out fee applies) |
| Payment methods accepted | Mobile transactions, utility bills, e-commerce, in-store, remittances |
| Fraud & Risk management | Yes (regulated by Bangladesh Bank) |
| Accepted Currencies | BDT (Bangladeshi Taka) |
| Set up type | Mobile-based registration |
| Onboarding & Approvals time | Instant for personal users |
| Settlement time | Instant |
| Payouts support | Yes (cash-out via agents or bank) |
| RegionsBangladesh | |
| Getting startedMobile application or USSD-based registration | |
| Commission per transactionDepends on service (e.g., cash out fee applies) | |
| Payment methods acceptedMobile transactions, utility bills, e-commerce, in-store, remittances | |
| Fraud & Risk managementYes (regulated by Bangladesh Bank) | |
| Accepted CurrenciesBDT (Bangladeshi Taka) | |
| Set up typeMobile-based registration | |
| Onboarding & Approvals timeInstant for personal users | |
| Settlement timeInstant | |
| Payouts supportYes (cash-out via agents or bank) |
Pros
- United Commercial Bank PLC and Bangladesh Bank approved
- Facilitates national agent base and electronic commerce capacity
- Facilitates various mobile-based inclusive financial services and USSD
Cons
- Only applicable to the Bangladeshi market
- Not effective for frequent billing and split payments of a high level of complexity
- Certain of the services may need to make a charge for a transaction fee based on the transaction
Benefits of Using
Upay provides an end-to-end digital payment service that has been designed to meet a number of Bangladesh's financial needs. Consumers can conduct financial transactions via mobile phones, including utility bills, retail and online shopping, salary payment, inward remittance, and airtime top-up — all through one platform. The services are provided both on cellphone applications and USSD, rendering the products financially inclusive for customers with or without smartphones.
The platform is easy to use and features a network of national merchants and agents that allow customers to cash out, cash in, and pay with ease. Because Upay is owned by UCB Fintech Company Limited, a subsidiary of United Commercial Bank PLC, it has strong financial support and market reputation.
Upay also makes secure and convenient cashless payments. For online or urban city consumers buying online or rural villages experiencing online finance for the very first time, Upay's ecosystem offers ease, convenience, and accessibility. Customer service is the platform's top priority with focus on reliability, affordability, and innovation.
How To Use Upay
- Download the Upay application from Google Play Store or Apple App Store
- Register your account through your cellphone and NID (National ID) or dial 268# and register through USSD without a smartphone
- Refill the account through a local agent visit, bank deposit, or mobile top-up
- Utilize services such as utility bills, P2P transfers, electronic commerce pay, or cash-out
- Get real-time observation of transactions by the application or USSD menu
- With its simple registration process and multi-channel support, Upay facilitates convenient and accessible digital payment for everyone in Bangladesh
Expert Review
Upay is among the leading online financial services providers in Bangladesh, bolstered by the reputation of United Commercial Bank PLC. It is a licensed institution regulated by Bangladesh Bank, ensuring compliance with local financial standards while promoting inclusive financial services to different categories of users.
The platform supports a wide variety of services like P2P transfers, utility bills, wage payments, and electronic commerce purchases, making it a one-point payment gateway for both personal and business needs. Its dual access interface — through smartphone applications and USSD code (268#) — makes it accessible even in rural and underserved areas, reducing the accessibility gap.
Upay's forte is its local model of service with a national network of agents and scalable technology. Its customer-centricity, security, and innovation are propelling Bangladesh's cashless economy drive and align with the Digital Bangladesh vision of the nation.
User Reviews
- "Upay is extremely simple to use even for my parents who do not own smartphones. They simply dial 268# and pay bills from home."
- "I like how I can transfer money to friends and shop for my groceries all from one application. Quick and trustworthy."
- "Used to pay the salary to my small shop workers. No paperwork and money reaches the people instantly."
- "Recharge, send money, bill payment — all from one place. Now it is my daily use app for online payments."
- "I’ve tried a few services, but Upay feels the most stable and transparent. Their agent network is also really helpful."
Safety
Upay operates under the regulatory supervision of the Bangladesh Bank, ensuring that all transactions comply with national financial laws and standards. As a product of UCB Fintech Company Limited, a subsidiary of the well-established United Commercial Bank PLC, the platform benefits from solid banking infrastructure and oversight.
Sign-up for the account entails a verification of the National ID (NID), another layer of identity protection. Transactions also inform users, and all transactions can either be viewed in real-time via the application or USSD. Although details of technical encryption are not publicly disclosed, Upay's integration into a licensed bank environment would necessarily entail conforming to customary security practices of the industry.
Account Fees
It is free to create and maintain an Upay account. Users are not charged any registration fees or maintenance charges. Certain transactions, however, incur service charges. For example:
- Service charges are incurred on cashing out via agents
- Certain bill payments will incur service provider charges, which differ by utility
Complete fee details will vary as per the service used and can be obtained through the Upay app or by reaching support.
For Business
Upay has a secure online payment gateway for businesses of all sizes in Bangladesh. Upay can be used for payment of salaries, collection of bills, as well as collection of e-commerce or in-store payments from customers across the country.
The merchant network of the platform facilitates firms to make payments through online payment wallets, whereas consumers can make payments through the app or USSD — touching even unbanked customers. Through integration to the core banking system of UCB, firms get secure and rapid fund transfers, centralized monitoring, and country-wide reach.
Apart from that, corporate accounts can opt for custom-made solutions like payment APIs, reporting dashboards, and bulk payout services — most suitable for retail, utility, transportation, and telecom industries.
From operating a local shop to operating a national e-commerce company, Upay provides a scalable, secure, and mobile-led payment solution for business growth in Bangladesh.
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FAQ
How do I open a UPay account?
UPay can be launched by app download from Play Store or App Store or through USSD-based sign-up through *268#. The NID number should be valid.
Which services are provided using Upay?
Utility bill payment, P2P transfers, salary disbursement, e-commerce and point-of-sale transactions, online recharge via a cellphone, etc., can be made through UPay.
Is Upay smartphone dependent?
Indeed, Upay has USSD registration and transaction functionality by dialing *268#, rendering it internet and smartphone independent.
Upay's currency?
Transactions within the Upay platform are facilitated in Bangladeshi Taka (BDT).
Is Upay safe?
Yes, Upay is regulated and licensed by the Bangladesh Bank, operated by UCB Fintech Company Ltd, adhering to national security and financial rules.
