DHAKA, Feb 24, 2021 (BSS) – The United Commercial Bank Limited (UCBL), one of the country’s oldest private commercial banks, is set to launch mobile financial service (MFS) under a new brand name called ‘upay’ via its subsidiary ‘United Fintech Company Limited’ replacing its existing MFS brand ‘Ucash’.
Earlier in December, Bangladesh Bank awarded a MFS license to UCB Fintech Company Limited, the subsidiary of UCBL, said a press release here today.
The bank is currently serving more than a million customers under its MFS product ‘Ucash’ since 2013.
The new brand is expected to be launched by March this year while the customers of ‘Ucash’ will be migrated to ‘upay’ and enjoy all kinds of services as per the central bank regulations on Mobile Financial Services 2018.
Sydul Haque Khandaker, managing director of UCB Fintech Limited, said the company has taken all the necessary preparations to launch the service by March.
“This is a fresh beginning with a commitment to making customer journey simple, secured and convenient while availing financial services”, he said.
Built on cutting-edge blockchain technology, the platform will provide a greater sense of security and confidence to customers.
With a nationwide presence of agents and merchant network, initial ‘upay’ products include mobile transactions, utility bill payment, in-store and e-commerce payment, inward remittance, salary disbursement, airtime recharge, Indian visa fee payment and traffic prosecution fee.
In addition to USSD, the customer will also be able to transact through mobile app.
According to the latest Bangladesh Bank figure, the number of MFS customers in the country was close to 10 crore while the average daily transaction stood at Tk. 1826 crore.