Payments app – Trupay which has been created to change the payments ecosystem in India, has successfully crossed 50,000 installs on the Google play store within a month of launch. The revolutionary App aims to transform the entire payments ecosystem.
Trupay by-passes all intermediate layers, allowing the user to pay anyone on its contact list directly from one’s bank account instantly. It securely transforms one’s bank account into a pay on the go solution which can then be used to pay anyone with just their phone number. Trupay has been rigorously tested and the App was even piloted by some of the biggest companies in the e-commerce space. So, in a nutshell, not only does Trupay allow monies to be transferred from individual bank accounts, it even creates a solution for segments like e-commerce and retail wherein buyers can now pay companies through their smart-phone, creating a hassle-free payments system.
Speaking on Trupay, Rahul Gochhwal, Co-founder of Trupay and an alumnus of IIM Calcutta said “We have been working on this App for more than a year now. Our aim was to enable transaction of money between individual bank accounts and shopping both online as well as in a store. This then helps in doing away with the hassle of swiping one’s debit card, thereby doing away with the intermediaries involved and even the hassle of carrying your cards with you. It’s a proud moment for us today and I am sure Trupay’s features and uniqueness will attract more users to it.”
Speaking on the launch, Narender Kumar, Co-founder of Trupay and a great fan of Elon Musk explains, “I think it is important to solve a problem from first principles and try to find those fundamental truths. That is the only way to come up with transformative solutions else we come up with only slight iterations of what has been already been done before. Applying the same philosophy to the payments ecosystem, we realized that starting another wallet company was not the answer. So we set about discovering the problems within the current payments ecosystem. The more we dug into the details, the more we were convinced that the present payment ecosystem requires a transformational change as there were problems which were awaiting a solution in the name of Trupay”.
Vivek Lohcheb, the third Co-founder, an alumnus of IIM Bangalore and the growth hack amongst the three added, “Jan Dhan Yojana bolstered with the recent JAM (Jan Dhan-Aadhaar-Mobile) initiative by the Government has tremendously expanded our reach. We want financial inclusion and with Trupay, every one with a bank account and a mobile becomes a potential user for Trupay. With the recent launch of the UPI by NPCI, we believe we have an edge over others since we already have an aligned product built on IMPS, ready to be integrated with UPI. This is a path breaking App and we are sure the user experience that Trupay offers has the potential to bring Corporates to start using this platform for their transactions.”
Financial inclusion was a key goal which the team behind Trupay wanted to accomplish. After relentless research and hard-work, the brains behind Trupay built the App which successfully addresses the present issues that the payments scenario is going through.
Features of Trupay:
1. Trupay allows one to send and receive money to anybody directly from one’s bank account using only their mobile numbers.
2. All transactions are in real time hence the recipients get the money directly in their bank account in a few seconds. This is a huge positive when compared to the typical settlement times of 2-7 days in legacy systems of credit/debit cards etc.
3. Trupay allows for a mobile phone to be transformed into a POS device for merchants. This will democratize payment collection systems for even the smallest of merchants.
4. Your money remains in your bank account earning interest right till the point you need to pay. Unlike an e-wallet, one does not need to make those cumbersome top ups to one’s wallet account.
5. Transaction costs are the lowest since Trupay cuts out all the intermediaries from the system.
Presently available for both Android and iPhone users, the app will be available on Windows soon. Also any bank account can be linked with Trupay through one’s registered mobile number with the bank.