UBpay
UBpay, operated by South Korean firm Harex Infotech, runs a user-centric digital payment platform (UB Platform) connecting consumers directly with payment institutions. It serves individual remittance senders and merchants, earning transaction fees on cross-border payments via partnerships with MoneyTO and iSend.
- Company typePrivate
- Founded2011
- HeadquartersSeoul, South Korea
- Headcount11–50
- GTM typeB2B and B2C
- OfferingSoftware
What UBpay does
UBpay operates a user-centric digital payment platform under the corporate umbrella of Harex Infotech (주)하렉스인포텍, a Korean technology company established in 2011 and headquartered in Seoul. The company's core product is the UB Platform (UB플랫폼), an ultra-connected shared network that directly connects consumers with payment institutions and service providers without intermediaries, supporting online, offline, O2O, and global transaction environments. The platform is structured as a modular ecosystem with components including UB Merchant, UB Service Business, UB Payment Method Issuer, UB In-app Merchant, UB Point Issuer, and Marketing Participants, accessed via a mobile application on Google Play and the App Store.
The underlying technology stack includes a myData architecture that concentrates consumer transaction data at the user level and a proprietary User Centric AI (UCAI) layer that the company uses to deliver personalized services while claiming to protect user privacy. UBpay generates revenue primarily through transaction fees on cross-border remittance services, notably through partnerships with MoneyTO (Armenia-to-UK corridor, approved by the Central Bank of Armenia, fees starting at 0%) and iSend (global multi-country remittance with bank account and cash pickup delivery). The go-to-market is partner-driven rather than direct, with limited disclosed customer logos or enterprise accounts; end users are individual consumers and SMB remitters rather than enterprise customers. Pricing is pay-as-you-go and transaction-based, with promotional zero-fee pricing on the newly launched Armenia-UK corridor.
UBpay firmographics
Firmographics- Name
- UBpay
- Legal name
- (주)하렉스인포텍
- Website
- https://ubpay.com
- Company type
- Private
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- UBpay, operated by South Korean firm Harex Infotech, runs a user-centric digital payment platform (UB Platform) connecting consumers directly with payment institutions. It serves individual remittance senders and merchants, earning transaction fees on cross-border payments via partnerships with MoneyTO and iSend.
- Ownership category
- akta.pro rank
UBpay industry classification
Industry- Product category
- Digital Payments
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Remittance & Cross-Border Payment Rails (SWIFT, Local Clearing, RTP Connectivity) (FSAGAKAH)
- akta.pro secondary industries
- Bank-to-Bank Transfers & Pay-by-Bank (Consumer & Merchant) (FSAMAFAC), Cross-Border & FX Payments Platforms (BPAMAFAK)
Keywords
Where UBpay is headquartered
LocationHeadquarters
- HQ city
- Seoul
- HQ country
- South Korea
- HQ region
- Asia
Markets served
UBpay business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales
Revenue model
- International Money Transfers: Fees charged for money transfers from Armenia to the UK through the MoneyTO partnership corridor, with fees starting from 0%
- Remittance Services: Transfer services to multiple countries including bank accounts and cash pickups through iSend partnership
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Standard transfer fees starting at 0% |
Distribution channels2 records
Marketing channels3 records
UBpay product offering
Product offeringCore offering
UBpay operates the UB플랫폼 (UB Platform), a user-centric ultra-connected payment network that directly connects consumers with payment institutions and service providers without intermediaries, supporting online, offline, O2O, and global transactions across multiple devices, operating systems, and payment methods. The platform integrates AI-driven personalization (UCAI), consumer-owned myData infrastructure, and a mobile application for payments, points, coupons, and merchant services. Internationally, UBpay offers cross-border remittance services through partnerships with MoneyTO (Armenia-UK corridor, Central Bank of Armenia approved) and iSend (global transfers with bank-account and cash-pickup options).
Product overview
UBPay operates as a platform-plus-modules architecture centered around the UB플랫폼 (UB Platform). The core platform is an ultra-connected, shared network that directly connects consumers with payment institutions and service providers without intermediaries. The ecosystem comprises multiple specialized modules including UB Merchant (UB가맹점), UB Service Business (UB서비스사업사), UB Payment Method Issuer (UB결제수단발급사), UB In-app Merchant (UB인앱가맹점), UB Point Issuer (UB포인트발급사), and Marketing Participants (마케팅참여사). The platform also incorporates MyData capabilities where all data is concentrated with the consumer, and offers AI-powered ultra-personalization services through User Centric AI (UCAI). UBPay's international reach is extended through partnerships with MoneyTO for Armenia-UK remittances and iSend for global remittance services.
Differentiator
Problem solved
Functional benefit
Brands
- UB플랫폼: User-centric platform connecting consumers directly with payment institutions and service providers without intermediaries, supporting online, offline, O2O, and global transactions.
Products and services
- UB플랫폼 (UB Platform)
Companies that use UBpay
Customer profileSegments2 records
Ideal customer profiles3 records
UBpay technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability1 record
Feature3 records
UBpay partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- MoneyTOcoreMoneyTO partnership enables UBPay clients to make money transfers from Armenia directly to recipients' bank accounts in the UK. The service was approved by the Central Bank of Armenia and supports transfers in multiple currencies with fees starting from 0%. This partnership reflects growing economic ties between Armenia and the UK.
- iSendcorePartnership with iSend, a global remittance company, expands transfer options for UBPay customers. The partnership enables transfers to multiple countries with various options including bank accounts and cash pickups, enhancing UBPay's international capabilities globally.
Scale indicators2 records
Recent moves6 records
Expansion highlights5 records
UBpay competitors and assessment
Company assessmentBroad incumbents
- Western Union: Incumbent global remittance operator with cash-pickup and bank-account delivery across hundreds of corridors; competes with UBpay on the same customer need (sending money to Armenia, UK, and globally) at much greater scale.
- MoneyGram: Long-established cross-border money transfer operator with both digital and agent-based delivery, directly competitive with UBpay's remittance corridors including bank-account payouts.
Direct peers
- Remitly: US-listed digital remittance company offering cross-border money transfers from high-income to emerging-market corridors with direct-to-bank-account delivery, the same core use case UBpay targets through MoneyTO and iSend.
- KoronaPay (Korona): Cross-border remittance and payments service covering CIS and European corridors with bank-account and cash-pickup delivery; overlapping with UBpay's Armenia-anchored corridor and Eurasia/UK reach.
- Wise (TransferWise): Global cross-border payments platform offering multi-currency transfers with mid-market rates and direct bank-account delivery; directly comparable to UBpay's fee-starting-from-0% direct-to-bank positioning.
- WorldRemit: Digital-first remittance company offering mobile-to-bank, mobile-to-wallet, and cash-pickup transfers across emerging-market corridors, mirroring UBpay's iSend-enabled multi-payout product.
- Xe (XE Money Transfer): Currency-services and cross-border money transfer provider, part of Euronet Worldwide, with direct-to-bank-account transfers — a comparable consumer-facing remittance proposition.
Regional players
- KakaoPay: Korean mobile payments and remittance platform serving millions of domestic users with money transfer features; comparable as a Korea-based digital payments platform competing for the same user behavior UBpay addresses via UB Platform.
- Toss: Leading Korean super-app for payments, transfers, and financial services; comparable as a Korean-headquartered consumer payments and money-movement platform, though primarily domestic-focused.
Emerging players
- Payoneer: Cross-border payments platform serving SMBs, freelancers, and marketplaces with multi-currency receiving accounts; adjacent in cross-border money movement and FX, with similar partner-driven go-to-market characteristics.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
UBpay social profiles
Digital presenceUBpay financial estimates
Financial estimateRevenue estimate
Valuation estimate
UBpay leadership team
Management profileNumber of profiles
UBpay funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
UBpay M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about UBpay
What does UBpay do?
UBpay operates the UB플랫폼 (UB Platform), a user-centric ultra-connected payment network that directly connects consumers with payment institutions and service providers without intermediaries, supporting online, offline, O2O, and global transactions across multiple devices, operating systems, and payment methods. The platform integrates AI-driven personalization (UCAI), consumer-owned myData infrastructure, and a mobile application for payments, points, coupons, and merchant services. Internationally, UBpay offers cross-border remittance services through partnerships with MoneyTO (Armenia-UK corridor, Central Bank of Armenia approved) and iSend (global transfers with bank-account and cash-pickup options).
Is UBpay a public or private company?
UBpay is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was UBpay founded?
UBpay was founded in 2011. It employs 11 to 50 people.
Where is UBpay based?
UBpay is headquartered in Seoul, South Korea, in the Asia region.
How does UBpay make money?
Two revenue lines are on record. International Money Transfers are the primary driver. The others are remittance Services.
Who are UBpay's main competitors?
Broad incumbents on record are Western Union and MoneyGram. Direct peers are Remitly, KoronaPay (Korona), Wise (TransferWise), WorldRemit and Xe (XE Money Transfer). Regional players are KakaoPay and Toss. Payoneer is listed as an emerging player.
Does UBpay have an API?
No public API is recorded for UBpay.
What industry is UBpay in?
UBpay's product category is Digital Payments. Its primary akta.pro industry code is FSAGAKAH, Remittance & Cross-Border Payment Rails (SWIFT, Local Clearing, RTP Connectivity), with a secondary code of FSAMAFAC, Bank-to-Bank Transfers & Pay-by-Bank (Consumer & Merchant). Its NAICS code is 522320 and its SIC code is 6199.