Hashkloud Australia’s Blockchain integrated PaySHA Digital Payments Platform goes LIVE in Bangladesh as Upay

Hashkloud Pty Ltd (HKAU), a Blockchain focused Fintech company based in Sydney, Australia announced that United Commercial Bank Ltd (UCB), a full service commercial bank based in Dhaka, Bangladesh have launched Upay, a digital payments platform on Oct 17^th, 2017. Upay is based on HKAU’s PaySHA Digital Payments Platform, a universal digital payments platform that uses Blockchain technology where transactional data during payments processing are cryptographically hashed and verified using Blockchain. PaySHA supports a cashless and cardless digital wallet that uses QR (Quick Response) code to deliver real time payment solutions for the customers.

“The objective of Upay is to promote cashless and cardless anytime-anywhere digital payments using smart phones in Bangladesh” – asserted Mr AEA Muhaimen, CEO and Managing Director of UCB. United Commercial Bank Limited is the 1^st Bank in Bangladesh to introduce payments using BlockChain as well as hashed QR code technologies.

Tarique A Bhuiyan, Founder and CEO of HKAU said “With Upay, a customer will be able to use highly secured & Blockchain powered hashed Quick Response (QR) Code via a smart phone to complete a payment transaction in real time including debiting a customer's bank or credit card account in real time”. Tarique also asserted that this particular product launch is a nice example of how banks and Fintech companies like us can work together to develop innovative products and services. Hashkloud expects to be able to support other banks in Bangladesh to create a digital payments ecosystem in Bangladesh by leveraging the same PaySHA digital payments platform and elsewhere using the PaySHA engine. Tarique also claimed that such Blockchain powered & cryptographic hash based QR code driven real time digital payments is the first in the region and may potentially be the first in the world.