upay wins fintech innovation award for its multi-wallet feature

upay, one of the fastest-growing mobile financial service providers in the country, has won the ‘Fintech Innovation of the Year’ award in the mobile money category.

The award has been conferred to upay for its innovative multi-wallet feature enabling customers to make transactions at a lower cost from four different wallets in one upay account, according to a media release received today (Wednesday).   

Sydul H Khandaker, Managing Director and Chief Executive Officer of upay received the award at the ‘Fintech Award 2021’ event organised 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, the release said.

upay launched its operation on March 17, 2021.  Since launching, upay has gained 3 million registered customers and has 100,000 agent networks across the country, the release added.