True Balance, the fintech app having 70 million downloads, which introduced its new digital credit service ‘True PayLater’ last month for its users, has gained quick momentum among its consumers and has received half a million transactions within two months.

“True Balance is a financial platform for the next billion unbanked users who are predominantly feature-phone users and mobile users who do not have access to digital payment. We are happy to know that we are achieving what we set out to do to create greater financial inclusion in India. The fact that the ‘True Pay Later’ service has been well received by our target consumers validates our belief that we are in the right place to cater to this huge potential untapped market,” said Mr. Charlie Lee, Founder, True Balance.

Launched in March the first of its kind service, ‘True Pay Later’ is focused at unbanked users who has strong demand for instant credit service. This unique service not only allows our users to avail small amount of money under 1000 INR as “money for living” but also allows all True Balance services such as the one-tap payment of electricity bills, mobile and DTH recharges with the option of payment with 14 days credit period. The service has received a phenomenal response from consumers because it provides them flexible payment period as per their needs. True Balance works on an internal, alternative credit scoring system to validate the credibility of its customers for credit service repayment.



This paperless, digital service is particularly beneficial for Tier II/III users who want to buy services/products if they are unable to pay the whole amount at once. To avail the ‘True Pay Later’ service, True Balance users can avail ‘True Pay Later’ plans as per their respective credit limits. They will have to pay a nominal service fee upfront and the balance principal amount within a period of 14 days interest-free credit.

The service already matches the transactions record of digitally forward countries like South Korea which witnessed 12,000 digital credit transactions per day in 2018, itself. This clearly makes India a potential growth market for fin-tech firms like True Balance.

True balance was launched as a mobile app in 2014 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.

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.
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