Gurugram-based fintech startup, Trupay has launched a mobile payment app, based on Unified Payment Interface (UPI). It claims to be India’s first private sector company in India to do so. RBI, in conjunction with the National Payments Corporation of India (NPCI), recently launched the UPI payments platform in India.
UPI is a one-touch transaction for transferring money between any two parties using a ‘unique virtual address’ on a smartphone. Once a beneficiary is added to the address, an MPIN ensures transaction within seconds.
The UPI app was launched in April 2016 and has been in the process of testing and implementation across platforms since then. The user needs to create a UPI payment ID on Trupay to make transactions. Users can select a mobile number on Trupay, add amount and pay. UPI-based payments removes all intermediaries in the process and payments are direct bank-to-bank and instant.
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According to an official statement, since the launch of UPI on Trupay, it has garnered more than 1 Lakh users. 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.
Commenting on the launch, Rahul Gochhwal, co-founder of Trupay said, “UPI will truly democratise 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.”
Founded in 2015 by IIM alumni Rahul Gochhwal, Vivek Lohcheb, and Narender Kumar, Trupay facilitates transactions between users and various businesses. According to an official statement, it is backed by investors including M&S Partners, Japan and Aqualyng Holdings, Singapore.
The UPI follows the IMPS (Immediate Payment Service) structure of payments. IMPS transactions allow real-time 24×7 transfer of money between parties with the use of IFSC codes and MMID. Trupay also claims to be one of the first few companies in the country to offer IMPS-based mobile payments solution for cash on delivery (CoD) payments with its mobile app.
In August 2016, PayPal too launched PayPal.Me for enabling easy cross-borders transactions for SMBs and freelancers working with overseas clients.