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UPay Digital Taka: the emergence of a cashless society

Today, the age of information has given birth to a brand new form of exchange medium called the blockchain technology facilitating hundreds of digital currencies, including the latest UPay Digital Taka.

All of a sudden when the superpowers realized how profoundly valuable gold is, the citizens were then instructed to hand over the gold they possessed in exchange for paper money.

Would you have had exchanged gold for paper too?

 

How does UPay Digital Taka change the game?

Think of the “matir bank” you probably have had kept one while you were young for saving money. With the incidence of Digital Bangladesh, the concept of “matir bank” has turned into a digital bank capable of facilitating all forms of payments required for a sustainable digital Bangladesh.

Conveniences in 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 concept of UPay relies on a Chinese solution called the Quick Response code or QR code; as a result, it’s more convenient, unlike bKash that requires a series of steps for sending money from one account to another.
Upay-features-forgeportalUPay allows its users to purchase from your local retailer, refill phone credit, pay utility charges, buy tickets for transportation, pay the insurance premium and more features to be added soon.

The limitations in UPay digital currency:

UPay digital taka isn’t meant for everyone unless you own a bank account. An eligible user must be an account holder with United Commercial Bank or UCB; moreover, I can’t wait to see UPay’s efforts for survival if its user base continues to grow.

Chances are with a larger consumer base attracted to the blockchain the entire platform will soon turn into a lucrative spot for hackers.

What is blockchain?

In simple words, blockchain acts as a digital journal meant for listing down your online transactions chronologically. Keep in mind that the concept isn’t applicable for conventional means of exchange but only for digital currencies like that of UPay.

blockchain-upay-digital-taka-forgeportal

One of the reasons why the blockchain became widely popular is because people are tired of paying high fees related to transactions.

Most importantly, blockchain enables you to walk around comfortably without carrying a lot of money in your pocket, as the money can be easily compressed into your tiny smartphone.

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 the previous 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. Stay with ForgePortal for more news and updates around the world.

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