upay: Mobile Financial Services, Money Transfer & Bill Payment

upay is a digital financial service (DFS) provider in Bangladesh that offers mobile-based financial transactions, payments and other digital money management facilities. Operated by UCB Fintech Company Limited, a subsidiary of United Commercial Bank PLC (UCB), upay aims to make financial services more accessible, convenient and affordable for individuals and businesses.

Launched in 2021 after receiving approval from Bangladesh Bank, upay has developed a range of services through its mobile application, agent network and merchant partnerships. Customers can use the upay app to send money, add funds, withdraw cash, recharge mobile phones, pay utility bills, make online and offline purchases and receive international remittances.

The platform also offers additional facilities, including salary disbursement, a co-branded UCB-Upay prepaid card and digital payment solutions for businesses. Its services are designed to reduce the need for physical banking visits and provide convenient access to everyday financial transactions.

What is Upay?

upay is the digital financial services brand of UCB Fintech Company Limited, which operates as a subsidiary of United Commercial Bank PLC. It provides mobile financial services through a digital wallet linked to a customer's registered mobile number.

Unlike conventional banking applications that primarily provide access to bank accounts, upay operates as a mobile financial services platform. Customers can maintain a digital wallet and perform eligible financial transactions using their smartphones or through authorised service points.

upay started its commercial journey in early 2021 and has since expanded its services to cover individual customers, merchants, corporate organisations and remittance beneficiaries.

The platform is supported by a nationwide agent and merchant network, allowing customers to access selected financial services beyond traditional bank branches.

Features and Services of Upay

upay offers several financial and payment facilities through its mobile application. The major services are described below.

1. Send Money

Send Money allows customers to transfer funds from one upay wallet to another. It is useful for sending money to family members, friends and other upay customers.

Users can select the Send Money option, enter the recipient's registered mobile number, specify the amount and confirm the transaction.

Customers should check the recipient's mobile number and applicable transaction charges before confirming a transfer.

2. Cash Out

upay customers can withdraw money from their digital wallets through authorised upay agents and supported UCB ATM facilities.

Cash out through agents is useful for customers who need physical cash without visiting a bank branch. The application displays applicable charges and transaction details.

upay also promotes competitive cash-out charges. Its inward remittance service specifically advertises a 1% cash-out charge through agents, while eligible freelancers can withdraw remittance from UCB ATMs free of charge under the applicable service conditions.

3. Add Money

Add Money enables customers to transfer funds into their upay wallets from supported financial sources.

Depending on availability and eligibility, customers can add money through:

• Bank accounts
• Visa and Mastercard
• Eligible debit and credit cards
• Supported UCB banking channels

The facility allows users to maintain their digital wallet balance without visiting an upay agent for every deposit.

Applicable fees may vary depending on the funding source and transaction method.

4. Mobile Recharge

upay supports mobile recharge for major mobile network operators in Bangladesh.

Customers can recharge their own mobile numbers or other numbers through the application. Supported operators include Grameenphone, Robi, Airtel, Banglalink and Teletalk.

The service also provides access to available prepaid and postpaid recharge packages, including selected internet, voice and bundle offers.

5. Utility Bill Payments

Customers can pay various utility bills directly through the upay application.

Depending on the available biller and payment options, services include:

• Electricity bills
• Gas bills
• Water bills
• Internet bills
• Telephone bills
• Credit card bills
• Other supported institutional payments

The platform supports bill payments for providers such as DESCO, NESCO, Titas and WASA.

Customers can select the relevant service provider, enter the required customer or account information and complete payment from their wallet balance.

6. Merchant Payments

upay provides digital payment facilities at participating merchant outlets across Bangladesh.

Customers can make purchases at participating grocery stores, pharmacies, restaurants, retail shops and other businesses.

Payment options include QR-code scanning and supported mobile-number-based payment facilities.

Merchant payments help reduce dependence on cash transactions and provide customers with a convenient way to pay for everyday purchases.

7. Online Payments

upay also supports online payments at participating e-commerce and digital service platforms.

Customers can use their upay wallet balance to pay for eligible purchases and services through supported payment gateways.

Online payment facilities may be available for shopping, food delivery, travel-related services and other participating merchants.

The availability of a payment option depends on the individual merchant's integration with upay.

8. International Remittance

One of upay's important services is inward international remittance.

Bangladeshi expatriates can send money to eligible upay wallet holders through authorised foreign banks, exchange houses and money transfer operators (MTOs).

The remittance is credited directly to the beneficiary's upay account, allowing recipients to access their money without visiting a traditional bank branch.

According to upay's official remittance information, eligible beneficiaries can:

• Receive international remittance directly into their upay wallets.
• Withdraw funds through authorised upay agents.
• Withdraw eligible remittance funds from UCB ATMs.
• Use the balance for supported wallet services.
• Receive the applicable 2.5% government remittance incentive through authorised channels, subject to government rules and eligibility.

upay advertises a 1% cash-out charge for inward remittance withdrawals through agents. Eligible freelancers can also enjoy free withdrawals from UCB ATMs under the stated service conditions.

This facility provides an additional way for expatriates to send money to family members in Bangladesh.

9. UCB-Upay Co-Branded Prepaid Card

upay offers a co-branded prepaid card in partnership with United Commercial Bank PLC.

The card connects the upay digital wallet ecosystem with conventional card payment networks. It is designed for customers who want to make payments at supported merchant outlets and access ATM services.

Key features include:

• Application through the upay mobile application.
• Card funding through supported upay channels.
• Contactless payment facilities.
• Local and international shopping, subject to eligibility.
• Online and offline merchant payments.
• Supported local and international ATM withdrawals.
• Access to card balance and transaction information through the upay application.

The dual-currency card supports eligible foreign currency transactions subject to Bangladesh Bank regulations, passport endorsement requirements and applicable foreign travel quota restrictions.

According to UCB's published information, applicants must be Bangladeshi nationals aged at least 18 years and maintain an active upay wallet.

Customers should check the latest card issuance fees, annual charges, foreign transaction fees and other conditions before applying.

10. Salary Disbursement and Corporate Payments

upay also provides digital financial solutions for organisations and businesses.

Salary disbursement allows participating organisations to transfer employee payments through digital channels. This can reduce administrative work associated with cash-based salary distribution.

Other business-oriented facilities include corporate payouts, vendor payments and operational disbursements.

In May 2026, upay and UCB Investment Limited announced a partnership to introduce a corporate payout solution designed to support payroll, vendor payments and business transaction management.

These services demonstrate upay's role beyond individual mobile wallet transactions.

11. Multi-Wallet and Remittance Pocket

upay provides wallet-management features designed to help customers identify and manage different sources of money.

Its multi-wallet functionality helps users distinguish between balances associated with different payment sources, such as salary, disbursement and remittance, where supported.

The remittance pocket is particularly relevant for inward remittance beneficiaries because it helps identify funds received through international remittance channels.

How to Open an Upay Account

Opening an upay account is designed to be completed through a smartphone without visiting a bank branch.

The general registration procedure is as follows:

• Download the official upay application from Google Play Store.
• Open the application and select the registration option.
• Enter your mobile number.
• Complete mobile number verification using the required OTP.
• Provide the necessary National Identity Card (NID) information.
• Complete the required identity verification and profile information.
• Set your upay PIN and follow the instructions to activate the account.

Customers should use their own valid identity information and a mobile number that they can access.

Registration and account activation are subject to upay's customer verification requirements and applicable Bangladesh Bank regulations.

Upay Mobile Application

The upay mobile application is the primary digital channel for accessing its financial services.

The application is available for Android smartphones through Google Play Store. It provides an interface for managing wallet balances, transferring money, paying bills, recharging mobile phones and accessing other supported facilities.

Customers can also use the application in Bangla or English.

The app includes transaction history and account-management facilities that help customers monitor their financial activities.

About United Commercial Bank PLC

United Commercial Bank PLC provides a wide range of modern banking services to individuals, businesses and institutions across Bangladesh. The bank focuses on delivering customer-friendly, technology-based and secure financial solutions to meet the changing needs of society. Its retail banking services include savings accounts, current accounts, fixed deposit schemes, personal loans, home loans, education loans, debit cards, credit cards and remittance facilities. Customers can conveniently access their accounts through ATM booths, internet banking, mobile banking and SMS banking services, allowing fast and secure financial transactions from different locations.

In addition to retail banking, United Commercial Bank PLC offers extensive corporate banking services to support business and industrial development in Bangladesh. These services include trade finance, working capital loans, project financing, treasury operations, export-import financing and cash management services for companies and institutions. The bank also supports entrepreneurs and small businesses through specialized SME banking services, offering financial support and customized loan products to help expand business activities and create employment opportunities.

Furthermore, UCB provides Islamic banking services through selected branches and banking windows that follow Sharia-compliant financial principles. The bank is also actively involved in foreign exchange operations and international remittance services, helping expatriate Bangladeshis send money safely and efficiently to their families. Through digital innovation, efficient customer service and diversified financial products, United Commercial Bank PLC continues to strengthen its position in the banking sector and contributes significantly to economic growth, financial inclusion and sustainable development in Bangladesh.