Introduction

Mobile banking has revolutionized the financial landscape in Bangladesh, offering

unprecedented convenience and accessibility. Among the key players in this sector are Upay and
Rocket, each backed by major financial institutions. This assignment provides an in-depth
comparison of Upay and Rocket, focusing on their services, user experience, accessibility,
security, fees, transaction limits, technological innovations, market impact, and customer
feedback.

1. Overview of Companies

Upay

 Provider: United Commercial Bank Limited (UCB)

 Founded: Upay launched in 2020
 Headquarters: Dhaka, Bangladesh
 Core Services: Mobile banking, including account management, fund transfers, bill
payments, merchant services, and loan repayments.
 Market Focus: Primarily serves UCB customers with plans to extend services to a
broader audience.

Rocket

 Provider: Dutch-Bangla Bank Limited (DBBL)

 Founded: Rocket launched in 2011
 Headquarters: Dhaka, Bangladesh
 Core Services: Comprehensive mobile banking including account management, fund
transfers, bill payments, merchant services, and international remittances.
 Market Focus: Serves a wide range of customers with a focus on both urban and rural
areas.

2. Service Offerings

Upay

 Account Management: Users can check account balances, view mini-statements, and
update personal details.
 Fund Transfers: Transfers between Upay accounts, to other bank accounts, and Bkash
accounts. Features options for real-time transfers and scheduled payments.
 Bill Payments: Supports payment for utilities like electricity, gas, water, and mobile
phone recharges.
 Merchant Payments: Allows payments at various retail and online merchants through
QR codes and direct payments.
 Loan Repayments: Facilitates repayment for personal loans and credit card bills.
 International Remittances: Partnered with international remittance services for cross-
border transactions (subject to availability and partnerships).
Rocket

 Account Management: Includes features like balance checks, mini-statements, and

account settings management.
 Fund Transfers: Transfers within Rocket accounts, to other bank accounts, and to Bkash
accounts. Offers features like instant transfers and recurring payments.
 Bill Payments: Payment options for various utilities, mobile recharges, and subscription
services.
 Merchant Payments: Enables payments at a wide range of merchants using QR codes,
NFC, and direct payment options.
 Loan Repayments: Supports repayment for loans and credit cards issued by DBBL.
 International Remittances: Facilitates international remittances through partnerships
with global remittance companies and services.

3. User Experience

Upay

 Interface: Clean and intuitive interface designed for ease of use with minimal steps for
completing transactions.
 App Features: Provides features like transaction history, account alerts, bill payment
scheduling, and customer support access.
 Customer Support: Accessible through UCB branches, dedicated call centers, and
online chat options. Support includes troubleshooting, account management, and
transaction inquiries.
 Usability: Generally well-received for its user-friendly design, though some users report
occasional app performance issues.

Rocket

 Interface: User-friendly interface with clear navigation and quick access to key features.
 App Features: Comprehensive features including transaction history, bill payment
scheduling, alerts, and user account management.
 Customer Support: Available via DBBL branches, dedicated call centers, online chat,
and email support. Known for efficient and responsive customer service.
 Usability: Highly praised for its reliability and seamless performance, catering to a wide
range of devices and user preferences.

4. Accessibility

Upay

 Registration: Requires a UCB account for full access; users must visit a UCB branch to
register for Upay services.
 Availability: Available for download on both Android and iOS platforms.
  ATM Network: Limited to UCB’s ATM network and partner ATMs; users may have
restricted access compared to competitors.
 Agent Network: Expanding but currently smaller than Rocket’s network.

Rocket

 Registration: Open to any mobile phone user; DBBL account is not mandatory for
registration.
 Availability: Accessible on Android and iOS platforms, with a wide range of supported
devices.
 ATM Network: Extensive network of DBBL ATMs and agent locations throughout
Bangladesh, providing broad access.
 Agent Network: Well-established agent network across urban and rural areas, enhancing
accessibility for users.

5. Security

Upay

 Authentication: Incorporates multi-layered security including PIN, OTP (One-Time

Password), and biometric authentication where supported.
 Data Protection: Employs advanced encryption technologies to protect transaction and
personal data.
 Fraud Protection: Utilizes fraud detection systems and real-time alerts to monitor and
prevent unauthorized transactions.

Rocket

 Authentication: Utilizes PIN, OTP, and biometric authentication for secure access to
accounts and transactions.
 Data Protection: Implements robust encryption protocols to safeguard user data and
transaction details.
 Fraud Protection: Features extensive fraud prevention measures, including transaction
monitoring, user alerts, and security best practices.

6. Fees and Charges

Upay

 Account Maintenance Fees: Generally low or waived for standard accounts.

 Transaction Fees: Applies to certain transactions such as fund transfers and international
remittances; fees vary by transaction type and amount.
 Recharge and Bill Payment Fees: Includes nominal service fees for processing
payments and recharges.

Rocket
  Account Maintenance Fees: Typically minimal or waived for basic services.
 Transaction Fees: Fees may apply for specific services such as fund transfers, bill
payments, and international remittances; generally competitive.
 Recharge and Bill Payment Fees: Often includes a small fee for processing, though it is
usually competitive with other services.

7. Transaction Limits

Upay

 Fund Transfer Limits: Varies by transaction type and user verification level; specific
limits may apply to daily and monthly transactions.
 Bill Payment Limits: Subject to limits based on service providers and account status.
 Recharge Limits: Typically aligned with industry standards for mobile recharges and
utility payments.

Rocket

 Fund Transfer Limits: Generally higher limits compared to Upay, with flexibility based
on account type and user verification level.
 Bill Payment Limits: Similar to industry standards, with specific limits based on bill
types and transaction volume.
 Recharge Limits: Competitive limits for mobile recharges and bill payments, with
options for higher amounts based on user profile.

8. Technological Innovations

Upay

 Digital Wallet Integration: Potential integration with digital wallets and other payment
systems.
 Blockchain and Fintech: Exploration of blockchain technology for secure transactions
and fintech solutions.
 User Experience Enhancements: Continuous improvements in app design and
functionality based on user feedback and technological advancements.

Rocket

 Technological Integration: Integration with various payment gateways and fintech

services.
 Innovative Features: Introduction of features such as contactless payments and
advanced transaction tracking.
 Continuous Development: Regular updates to the app to incorporate new technologies
and enhance user experience.

9. Market Impact and Popularity

Upay

 Market Penetration: Growing presence with increasing user adoption; focuses on

expanding its services and user base.
 Brand Perception: Gaining recognition for its innovative approach and reliable services;
associated with UCB’s strong reputation.
 Customer Feedback: Generally positive feedback with some reports of occasional
service limitations and app performance issues.

Rocket

 Market Penetration: Established and widely recognized with a significant user base;
strong presence in both urban and rural areas.
 Brand Perception: Well-regarded for its reliability, extensive network, and customer
service; DBBL’s strong brand contributes to its success.
 Customer Feedback: Generally high customer satisfaction with praise for its
comprehensive services and accessibility.

Conclusion

Both Upay and Rocket offer valuable mobile banking solutions in Bangladesh, each with its
distinct advantages. Upay, supported by UCB, provides a growing range of services with a focus
on international remittances and customer support. Rocket, backed by DBBL, offers extensive
accessibility, a broad range of services, and high customer satisfaction. The choice between
Upay and Rocket will depend on individual needs, such as service features, accessibility,
transaction limits, and fees.

References

 Upay official website and mobile app

 Rocket official website and mobile app
 Customer reviews and feedback from platforms like Trustpilot and Google Play Store
 Industry reports and market analysis from financial services sources