Trupay starts offering payments through UPI

MUMBAI: Financial technology company Trupay, has partnered with Yes Bank to offer a peer to peer payments application based on Unified Payment Interface (UPI). UPI is a payments platform that was recently launched by the Reserve Bank of India backed National Payments Corporation of India ( NPCI).

Trupay enables its users to send and receive money from their bank accounts with the help of their phone number. Customers of over 20 banks will be able to make payments on the mobile application. This comes as a big boon for merchants since it will significantly reduce the transaction costs and merchants will receive payments in real time.

"Trupay hopes to leverage on the new UPI platform 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," said Rahul Gochhwal, co-founder of Trupay.

Trupay was 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.