In 2018, UnionBank started to develop a platform for MSMEs. The financial platform was designed to address all major pain points of the MSMEs in their quest to transform their businesses. UnionBank identified these pain points as getting started in the online digital space; access to financing; and managing cash flows and enabling payments for goods and services.
To address the pain points, UnionBank created the MSME business hub, a solution to support the needs of the MSME. With the launch of UPay, an all-in-one payment acceptance hub, UnionBank completes its portfolio of products and services catering to the banking needs of the MSME sector.
UPay is embedded within the business banking app. Initially, this provides the capability to send requests and collect payments through UnionBank Online. This allows MSMEs to skip through the hassle of having to give their bank details, total amount, and manually typing the description of the order and sending it to customers through a messaging app.
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