Mobile financial service provider upay has signed an agreement with Falcon Group to facilitate the monthly salary disbursement of the group. Sydul H Khandker, managing director and CEO of upay, and Mahtab Uddin Ahmed Chowdhury, chairman and managing director of Falcon Group, signed the agreement in the capital, read a press release issued Wednesday. Upay, a subsidiary of United Commercial Bank, launched its operation in March 2021 to provide mobile financial services to people from all walks of life. Read Digital Currency: Benefits and Risks of the Cashless Economy in Bangladesh.

Upay will offer its customers lowest cash charge for withdrawing money from ATM booths. The charge will be Tk 8 for every Tk 1000 withdrawn, inclusive of tax and VAT. Upay is the subsidiary of United Commercial Bank (UCB), providing mobile financial services. Read Regulator shouldn't allow monopoly in MFS: Mustafa Jabbar The upay customers will be able to withdraw money at more than 500 ATMs of UCB across the country by using their upay app that can be downloaded from the Google Playstore or the upay website. Sydul Haque Khandaker, Managing Director of upay said, “Upay has already established its footprint in the MFS sector within a short time by offering the lowest fee for most of the MFS services including ATM cash withdrawal.” Upay products include mobile transaction, utility bill payment, merchant payment, inward remittance, airtime recharge, and disbursement of salary and various government social safety net allowances. Read BB issues guidelines for trust fund management in payment, settlement services Besides, upay offers some unique services exclusively available for upay customers, including payment of traffic prosecution fines, Indian visa fee payment, and gas (prepaid) bill payment- all types of bill payments free of charge. Built on state-of-the-art blockchain technology, the upay platform also ensures a greater sense of security and confidence to customers. The MFS subsidiary of UCB launched its operation on March 17, 2021, covering all the districts and upazilas in Bangladesh. Read Eden College students can pay fees through bKash