Fintech start-up Trupay today said it has started offering mobile payment services under the Unified Payment Interface (UPI).
“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,” the company said in a release.
It is also one of the first few companies in the country to offer Immediate Payment Service (IMPS) based real time mobile payments solution for cash on delivery payments with their mobile app Trupay, the company said.
Trupay enables 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. They will need to create a UPI payment ID on Trupay to make transactions. Users will just need to select a mobile number on Trupay, add amount and pay, it said.
The UPI-based mechanism removes intermediaries in a payment process and payments are direct bank to bank and instant.
“This will be a big boon for merchants since it will significantly reduce the transaction cost and merchants will receive payments in real time,” the company said.
Founded by IIM graduates Rahul Gochhwal, Vivek Lohcheb and Narender Kumar, Trupay started in 2015. The company is funded by Japanese fund M&S Partners and Aqualyng Holdings Singapore.