upay, a mobile financial service provider in Bangladesh has won the ‘Fintech Innovation of the Year’ award in mobile money category.
The award has been conferred to upay for its innovative multi-wallet feature enabling customers to make transaction at a lower cost from four different wallets in one upay account.
Sydul H Khandaker, Managing Director and Chief Executive Officer of upay received the award at the ‘Fintech Award 2021’ event organized by the Bangladesh Brand Forum at the Hotel Sheraton in the city on Saturday.
Multiple wallets include a common primary wallet, salary wallet, remittance wallet and disbursement wallet. Charges are less than Tk. 14 per Tk 1,000 for different wallets and in cases it is free of cost.
Commenting on the winning of the award, Sydul H Khandaker said, “We are very excited to receive the award. As a new MFS brand, upay focuses on addressing customer pain points and solving those by innovating new features and services. Introducing multiple wallets in a single MFS account is a very unique feature. It provides convenience to the customer in terms of cost and transparency. Customer can track the source of the funds in his or her wallet and make remittance, salary, disbursement cash out charge at different rates from our agent point to ATM booth instead of cashing out at a single rate.”
upay is the mobile financial service brand of UCB Fintech Company Limed, a subsidiary of the United Commercial Bank. upay launched its operation on March 17, 2021. Since launching upay has gained 3 million registered customers. It has also 100,000 agent network across the country.
