UPay Digital Taka: The Emergence of a Cashless Economy

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The age of the internet has given birth to a new yet reliable form of exchange medium called the blockchain technology, facilitating hundreds of digital currencies starting from Bitcoin to even our very own UPay digital taka.

UPay is the very first product by UCB that has implemented both Blockchain as well as Quick Response QR technologies in one product. Bangladesh it seems is heading towards a new form of economy known as “Cashless Society” in South Asia.

So, let us know how you feel about living in an economy where you’ll no longer need to carry a wallet.

How does UPay Digital Taka change the game?

Think of a “matir bank” you had one when you were just a kid. The only difference is, the small piggy bank has turned into a digital wallet.

Conveniences of UPay:

One might consider UPay and regular credit/debit card payment on the same table; however, the two concepts are widely divergent and the differences are as follows-

  • You’re not required to carry another card in your wallet once you have signed up on UPay. Transactions are made using a smartphone only, either Android or iOS depending on the device you’re using.
  • Users are no longer required to stand on long queues, unlike situations commonly observed in front of ATM booths.
  • Signing up is as simple and convenient as it can get. Just download the app, fill in your info and you’re done!

The UPay concept is quite similar to that of a Chinese technology that introduced the Quick Response code or QR code scanner at first.
Eventually, it gained a lot of popularity mainly due to the convenience and of course, the reliability as well as the security involved. Upay-features-forgeportalUPay allows users to purchase from the local retailers, refill phone credit, pay utility charges, buy tickets for transportation, pay insurance.

The officials believe that more functionalities will emerge soon.

The limitations of UPay digital currency:

UPay digital taka isn’t meant for everyone unless you have a bank account.

An eligible user must be an account holder at United Commercial Bank; moreover, there’s a lot of paperwork involved at the same time.

So, are we ready for adapting to the upcoming cashless society as we are living in Bangladesh?

To me, I think this transition might obliterate a specific demography of our economy. Although this latest advancement will be facilitating service based companies; however, a lot riskier for eCommerce as the technology must be updated routinely.

What is blockchain?

In simple words, blockchain is a digital journal meant for listing down your online transactions chronologically.
Keep in mind that blockchain isn’t applicable to physical currency notes but only for digital currencies like Bitcoin and other cryptocurrencies.

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One of the main reasons why the blockchain became widely popular is because it allows you to have complete control over your wealth. I find it annoying to wait for hours on a line even while depositing money into my own bank account.

Opportunities available due to Blockchain based app like UPay and iPay:

Most importantly, blockchain also enables you to walk around without carrying a lot of money in your pocket. You can literally carry all your wealth inside a tiny smartphone wallet by Upay digital taka.

Lastly, will the UPay app be able to pass Google’s update? If not, then the chances of its deletion are inevitable like that of thousands of ridiculous apps on the Play Store.

The means of exchange has transformed dramatically over the years.

Started from simple bartering to coins made of copper, then slowly relied on gold, a practice adopted from the Aztecs.
If you’d like to know more interesting facts on sharing economy and/or cashless society, stay tuned to ForgePortal Inc.