Cost-Benefit Analysis of upay Prepaid Card – Redefining Ease for MFS Users of Bangladesh

upay Prepaid Card

upay the fast-growing MFS in Bangladesh recently launched co-branded prepaid card in collaboration with United Commercial Bank PLC. This mark as countries first MFS co-branded card that is envisioned to redefine ease for MFS users in Bangladesh. This is actually similar to other prepaid cards issued by Bangladeshi banks with ease of use and accessibility.

Key Features

What it takes to have a bank card in Bangladesh? In most cases the answer would be requirements of physical documents and visit to bank branch. Furthermore, the limited numbers of bank branch even make it more costly in terms of time and money. Here, upay step forward to customer with its innovative thinking and collaboration. Prepaid card is not a new thing for sure, but the way upay making ti available to the users is new of its kind. It assures, the much-needed convenience and ease of having a bank card in your wallet. Based on available source, the key features of upay co-branded prepaid card can be illustrated through the below points.

Key Features of upay Co-Branded Prepaid Card

Besides, the digital application process through upay App, this card offers a wide range of facilities such as International and local shopping, global ATM withdrawal, no minimum balance requirement, and free loading. upay can use its countrywide retail channel to reach the target customers.

Benefits of upay Co-Branded Prepaid Card
Being a part of countries one of the largest commercial banks, upay can make this card valuable option for its users. UCB and upay jointly, making access to global financial system in style. The benefits of the card is summarized below for our readers.

Benefits of upay Co-Branded Prepaid Card

upay co-branded card stand alone among the contemporary cards in term of ease and conveniences. Let’s have a look into the convenience benefits of the card.

  • Well, a user cam gets the card without physically visiting bank branch or submitting any document for the same. Interested user can apply the card from upay app or selected upay agents digitally.

  • Furthermore, for loading the card users need to visit bank branch or ATM (normally limited in number). Customer can load the card from his/her upay app or any upay agent (130,000+ agents countrywide).

  • If the customer needs to check the card balance or transaction made with card, its in the upay app. No call center waiting, branch or ATM visits, the card information are just one click away!

Financial Benefits
Customers will enjoy financial benefits from using the card. It will also enable users to utilize the fund for foreign currency transactions as it is a dual-currency supported prepaid card. The benefits of the card include but are not limited to access to ATMs, merchant payments (online & offline), and digital media marketing payments globally. Let’s analyze some inside details of the functions and benefits of the card.

  • ATM Withdrawal (Domestic & International): upay wallet ATM Withdrawal limited to UCB ATMs only. But, with this card, the ATM withdrawal options become wider for upay users. And that is too, not only domestic but also international. Technically, ATM withdrawal from upay is now wider than any other MFS in the country.

  • International and Local Shopping: With this card, users will be able to make payments at any domestic and international POS. Furthermore, users can use this card to pay any online merchant (local and international). Like other cards, the payment will not be charged for the users.

  • Campaign Benefits: Since, the issuer of the card is United Commercial Bank PLC, users will be able to get discounts from merchants around the year. UCB should include this card in its merchant discount campaigns. This user will feel the privilege of being a credit card holder!

Psychological Benefits
What does it feel to have a bank card? Okay, ask those who don’t have one. This card will fill the gap between non-bank and card The upay co-branded prepaid card will open access to bank card facilities for unbanked people with financial control. Once you load money onto the prepaid card, the user can only spend the money that’s on it. With no overdraft or credit facility, cardholders can keep spending under control without slipping into debt unnecessarily.

Cost–Benefit Analysis of the Prepaid Card

Every benefit has its own cost. The related cost-benefit analysis makes decision-making more relevant and accurate. Availing the upay prepaid card also has some cost associated with it. Now the question is, whether the benefits of availing of the card overstate the associated cost or not. The associated cost of the card mainly lies in two broad categories – ATM withdrawal and card maintenance. For a better view of the cost-benefit analysis, we can put a few different use cases here.

Particulars Charge/Cost Benefit
Issuance/Annual Fee BDT 575 (including VAT) per year

Carrying a bank card always subject to cost to the customer. However, with the campaign and discount, this cost will definitely a viable for its user.

ATM Withdrawal (Domestic) UCB ATM – 0.8%
NPSB ATM – 0.8% + BDT 15
VISA ATM – 0.8% + BDT 23

The ATM Withdrawal with upay prepaid card is highly beneficial for MFS users –

  • More than 4,500 ATMs access

  • Low cost for high volume withdrawal – If BDT 10,000 withdrawn from VISA ATM total cost will be BDT 103. That means BDT 10.43 per thousand (which is lower than any MFS in Bangladesh).

ATM Withdrawal (International) VISA ATM – 1.8%

Having access to international ATM with 1.8% cost obviously make sense. Furthermore, the convenience its offers is worth referring.

Digital Marketing Payment No Cost

With this card small social media-based entrepreneurs can enjoy cost savings. Geeting a credit card is not easy task in Bangladesh. With this prepaid card these entrepreneurs, can make the digital marketing payment without any additional service fee for the same.

POS and Online Merchant Payment No Cost

No cost for card holders while make payment using this card.

Hope this was helpful to get an insight of the upay co-branded prepaid card. Also don’t forget to place your thoughts/opinion on the prepaid card.


  2. Upay, UCB launch MFS co-branded prepaid card (last visited January 27, 2024)
  3. upay, United Commercial Bank unveil MFS co-branded prepaid card (last visited January 27, 2024).
By Special Correspodent

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