A cashless future with UPAY and Grey Group Bangladesh

In Bangladesh, most people don’t have access to normal banking. They are ‘the un-banked’ and have to rely on old-fashioned physical cash. This makes daily life complicated and exposes them to the risk of theft. Yet, only a small percentage of the 160 million people use the existing, easy to use and safe, mobile payment banking systems even though almost everyone possesses a mobile phone.

We found that the biggest barrier to using mobile banking was the ‘mentality and force of habit’. People were accustomed to depending on cash only and they found it difficult to change this. That’s why we at Grey Group Bangladesh felt that it’s important for new technology to help change people’s mindset, so we approached United Commercial Bank Limited (the bank that owns UPAY) with a more creative approach to the solution.

Presenting – UPAY’s virtual banknotes, computer-generated notes that can depict almost any denomination (i.e. Tk. 11.75, Tk. 23,445.50 or Tk. 96.50). When a UPAY app user carries out a transaction, a virtual note depicting the exact amount is generated instead of a traditional QR code.

Since most people still haven’t gotten used to mobile banking. UPAY’s virtual banknotes will replace unfamiliar QR codes with familiar virtual notes for transactions. In doing so, this will encourage the ‘unbanked people’ of Bangladesh to take up banking, and will gradually usher them into the modern world of safe and convenient mobile banking.

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These virtual banknotes are currently available exclusively on United Commercial Bank Limited’s UPAY app – an innovative mobile banking system that has been implemented to promote cashless and universal (i.e. anytime-anywhere) payments using mobile phones in Bangladesh. In addition, UPAY uses the most innovative and reliable technologies like Blockchain and QR Code to secure all financial transactions.



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