The mobile financial service (MFS) market is highly competitive now. The battle for new customer remains core for all MFS providers to increase sales revenue and generate revenue. Currently bKash is the market leader in terms of registered and active customer followed by Nagad. Initially, bKash enjoyed first movers’ advantage which they capitalized with nationwide agent coverage and market penetration. But, acquiring new customer is a costly proposition for new entrants like upay, TAP and others. The SAC is considerably high compared the same at the initial period of MFS in Bangladesh.
However, as one of Bangladesh’s leading mobile financial services (MFS) platforms, upay continuously rolls out attractive offers and incentives to acquire new customers. In an increasingly competitive MFS market, upay seeks to differentiate itself by providing a range of benefits and rewards that make onboarding easier and more rewarding for new users. Furthermore, in addition to reasons believe for customers, upay offers direct incentive to acquire new customers. These offers are designed to enhance the user experience, promote financial inclusion, and drive widespread adoption of the platform.
upay Offers to Acquire New Customer
upay have multiple mechanism to acquire new customers. Customer can register to upay in various ways including self-registration, agent assisted registration, simplified eKYC and refer by an exiting customer. For each of these processes, upay offers incentive and bonus to the customer. Once the customer registered with upay, it opens his/her access to the ecosystem full of value proposition. Let’s us explore the mechanism and offers of upay for its new registered customers.
1. Self Registration with Welcome Bonus and Cash Rewards
upay offers welcome bonus and cash rewards to its self-registered customers. As per ongoing offer self-registered customer will get up to BDT 75 cash reward by complying with applicable terms and conditions. The initial welcome bonus is BDT 20, which customer will get after successful PIN set of upay. To get the rest BDT 55, customer need to do multiple transactions through upay.
The steps of self-registration is as fun as playing a game in mobile. By following few simple steps, customer can complete the registration in upay. The steps include –
a) Download upay app
b) Mobile number verification
c) Capture both side NID image
d) Photo verification
e) PIN set
After the PIN set and doing eligible transactions, customers will be able to get committed cards reward from upay instantly. For details of the modality Click Here
2. Agent Assisted Registration with Welcome Bonus and Cash Rewards
The agent assisted registration is more helpful for MFS customers having no smartphone. The upay agent can complete the registration without installed upay in customer mobile. However, even with agent assisted customer will get up to BDT 75 cash reward if meet the eligibility criteria. But, the customers with feature phone (button), the total eligible welcome bonus and cash reward amount reduced to BDT 30. For details of the modality Click Here
3. Simplified eKYC Registration and Cash Rewards
One of the most appreciable efforts upay makes to give ease of customer registration is simplified eKYC. In this process, customer just need to dial *268# for upay registration. There will be no need for NID both side image capture in this process. After the successful registration by dialing *268#, customer need to complete photo verification from upay app. For, featurephone users, the photo verification can be done by taking assistance from any upay agent or customer. The welcome bonus and cash reward for simplified eKYC is vary from BDT 30 (for feature phone users) to BDT 75 (for app users). For details of the modality Click Here
4. Customer Referral Programs
And last but not least is customer referral program. Under this process, an existing upay customer can refer a new customer and get cash reward. In addition to the referrer, referee (new customer) will also eligible for cash reward. The referral program works in two ways – registration and photo verification. In both cases referrer and referee will get cash reward from upay in respective upay account. In case of referral program, referrer will get the chance to earn up to BDT 60. While the referee will get the chance up to BDT 75 as new upay customer. For details of the modality Click Here
upay’s strategy to acquire new customers revolves around offering value-driven incentives, such as cashback, discounts, and referral bonuses, making the platform attractive to first-time users. By combining easy onboarding processes with a wide range of offers—ranging from zero-cost transactions (e.g. free send money, free utility bills payment etc.) to seasonal promotions—upay is effectively expanding its user base while promoting the adoption of digital financial services across Bangladesh. These initiatives not only drive customer acquisition but also help in fostering long-term engagement with the platform.
