Taking India one step closer to become a cashless economy, TrueBalance, Softbank-backed balance and data management mobile app has tied up with PayU to connect customers and merchants by enabling seamless payments through a digital platform.
TrueBalanceis on the verge of expanding its business by way of providing e-commerce platform enabling customers to have the benefits of EMI on payment, insurance, and purchase of products.
UPI launched in India in 2016, allows bank-account holders to transact using their smartphones by just feeding in their Aadhaar numbers or mobile phone numbers instead of entering bank account details. PayU is a Netherlands-based fintech company providing a safe payment technology to online merchants. This True Balance-PayU tie-up strengthens the Digital India initiative through TrueBalance’s vision of targeting the untapped one billion mobile phone users without access to digital financial services.
Commenting on the launch, Mr. Charlie Lee, CEO, True Balance said, “Foreseeing the announcement of the launch of 1 lakh Digital Village in India during the budget, UPI will play a key role in empowering the next Billion. We have recently launched our KYC compliance for customers, and I am extremely delighted to introduce our new fintech service in India in collaboration with PayU India.”
All True Balance app users will be able to make safe and seamless payments of all the existing products and utility bill payments using the UPI platform.
Further elaborating on the partnership with True Balance, Rahul Kothari, Chief Business Officer, Enterprise Business, PayU India, said, “UPI clocked whooping 672 million transactions till last month. This clearly indicates that UPI has changed the way people look at money. We can see the paradigm shift in consumer behavior, moving towards digital payment alternatives than cash-based transactions. Our partnership with True Balance will also open new opportunities for people in tier 2/3 regions and help them quickly stride on the UPI wave,”
In 2014, the mobile application True balance was launched in Korea by Mr. Cheolwon Lee (Charlie Lee), an alumnus of the University of Chicago. In 2016, True Balance was founded in India to empower the next billion and to enable seamless mobile bill recharges; which has garnered more than 70 million downloads so far. True balance is ‘One Stop Payment “solution for all utility bill payments and foresees to provide small loans for these services to its users.
In March 2016, True Balance raised an undisclosed amount from SoftBank Ventures Korea .
True Balance is aiming to serve India 2 and 3 with utility payment and providing financial platform for all. True Balance is aligned with the mission of digital India and focus on providing the rural population an experience for easy and safe utility bill management and payments through use of mobile technology.