Indian fintech startup Trupay has launched mobile payment app services based on the Unified Payment Interface (UPI), which is a payments platform recently launched by Reserve Bank of India in conjunction with the National Payments Corporation of India (NPCI).
Trupay said in a statement that it is one among the first companies in India to offer Immediate Payment Service (IMPS) based real-time mobile payments solution with cash on delivery payments using the mobile app. The UPI-based solution removes intermediaries in the payment process and payments are direct bank to bank and instant. IMPS transactions enable real-time 24×7 transfer of money between parties with the use of IFSC codes.
“United Payment Interface goes live on Trupay. It is among the first private sector companies in the country, apart from banks, to offer a mobile payment application based on UPI,” a company release stated, as reported by FinancialExpress.
Presently, customers from 21 banks will be able to make payments on Trupay. They will be required to create a UPI payment ID on Trupay in order to make transactions. The company release also stated that customers will have to select a mobile number on Trupay, add an amount in it and pay.
“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,” Rahul Gochhwal, co-founder of Trupay said, as reported by Economictimes.com.
Trupay was founded by alumni from Indian Institute of Management (IIM) in 2015. The company facilitates transactions between users and various businesses. Trupay is funded by Japanese fund M&S Partners and Aqualyng Holdings Singapore.