TRUPAY FIRST PRIVATE SECTOR FINTECH START UP TO OFFER MOBILE PAYMENT APPLICATION AFTER BANKS
Set to change the payments ecosystem in India
6 September 2016, New Delhi:
Trupay – a fintech startup is among the first private sector company in the country apart from banks to offer a mobile payment application based on Unified Payment Interface (UPI). RBI backed National Payments Corporation of India (NPCI) had recently launched the UPI payments platform in India.
Trupay founded by ex – IIM graduates Rahul Gochhwal, Vivek Lohcheb and Narender Kumar started in 2015 has been funded by marquee investors including M&S Partners, Japan and Aqualyng Holdings, Singapore. Trupay was also one of the first few companies in the country to offer Immediate Payment Service (IMPS) based real time mobile payments solution for Cash on Delivery payments with their mobile app Trupay.
UPI has the promise to transform the digital payments ecosystem in the country. With UPI live on Trupay all a user will require is a mobile number and bank account to go financially digital. This has potential to transform financial inclusion in India particularly since penetration of debit and credit card is very low in the country.
Since the launch of UPI on Trupay, it has garnered more than one lac users in a matter of days. Trupay enables the users to send and receive money from their bank accounts with only a phone number. Currently customers of 21 banks will be able to make payments on Trupay. All a user needs to do is to create a UPI payment id on Trupay to make transactions. Users will just need to select a mobile number on Trupay, add amount and pay.
UPI based payments removes all intermediaries in a payments process and payments are direct bank to bank and instant. This will be a big boon for merchants since it will significantly reduce the transaction costs and merchants will receive payments in real time.
Rahul Gochhwal ex – IIM Calcutta and Co-founders of Trupay says “UPI will truly democratize payments in the country and Trupay hopes to leverage this for both online and physical payments. Not only will you be able to send money to anyone in the country in seconds but with Trupay even the smallest of merchants will be able to turn their mobile phones into a POS machine to receive digital payments directly into their bank accounts.”
About Trupay – Trupay was started in June – 2015 by ex IIM graduates Rahul Gochhwal and Vivek Lohcheb and Narender Kumar, a Computer Science Engineer. The company was funded by M&S Partners, a Japanese fund and Aqualyng Holdings Singapore.
Trupay has recently been selected in top 20 fintech startups worldwide for 8th BBVA Fintech Awards, USA from over 1200 startups worldwide.