upay partners with Payoneer to help Bangladeshi freelancers conduct international payments

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upay, a fast-growing mobile financial service provider in Bangladesh has announced a partnership with Payoneer, a US-based financial technology company, to bring relief to Bangladesh's thriving freelance community, said a press release. 

The partnership will provide freelancers with an easier and faster way to receive their international payments, allowing them to keep more of their earnings.

With a global reach of over 150 currencies and 200 countries, Payoneer empowers small businesses to transact, do business, and grow globally. The partnership will allow Bangladeshi freelancers to get paid and manage their funds with Payoneer and withdraw the earnings to their upay accounts.

They can withdraw their remittances with only a 1% fee at over eighty thousand agents across Bangladesh. Additionally, withdrawing at a UCB ATM is free of charge.

Besides, 1% cashback will be given by upay upon the successful withdrawal of funds from the Payoneer balance through the upay app during the campaign period of February 24th to March 23rd 2023.

"This partnership between upay and Payoneer will provide Bangladesh's thriving freelance community with a formal channel to receive international payments and further boost their prospects. We believe this will make a positive impact on the country's remittances inflow and are hugely proud to be able to announce the partnership," said ATM Tahmiduzzaman, a director at the Board of Directors of UCB Fintech Company Limited (upay).

Sanjib Sarkar, Payoneer's market development head in Bangladesh also commented on the partnership, saying, "We are happy to forge the partnership with upay, helping to facilitate thousands of freelancers receiving payments in Bangladesh. Strategic partnerships such as this are essential in helping Payoneer work with additional customers around the world and fostering partnerships across borders."

upay users can easily create a new Payoneer account through the app, and existing Payoneer users can link their accounts with their upay accounts.

Transactions are transferred in real-time, providing freelancers with peace of mind and quick access to their funds.

upay, a subsidiary of United Commercial Bank PLC, launched in March 2021, offers a range of services including fund transfer, utility bill payment, merchant payment, airtime recharge, traffic-fine payment, Indian visa fee payment, salary, and government social safety net, and other value-added financial services.