Don’t have the UPI app? You can still transact through Trupay

MUMBAI: You can now send and receive money under the UPI (Unified Payment Interface) platform without having a bank’s mobile app. Trupay, a third-party mobile app,

MUMBAI: You can now send and receive money under the UPI (Unified Payment Interface) platform without having a bank’s mobile app. Trupay, a third-party mobile app, allows you to transfer money with the help of a mobile number or payment ID without entering any debit or credit or net banking details.

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Launched last month in collaboration with 21 banks, the UPI mobile payment app is in line with former RBI governor Raghuram Rajan’s moves to develop new payments systems.

Trupay has been founded by three IIM graduates. Vivek Lohcheb, one of the three co-founders, said Trupay was conceived before the launch of the UPI.

Under Trupay, a user creates a unique payment ID within seconds from her mobile number, which is then registered with the respective bank. “We have an edge over others as our app is aligned on the IMPS platform, on which UPI is based,” said Lohcheb. “Unlike e-wallets, users are not required to have any balance in our app, and can operate directly through their accounts.”

Since its introduction on June 2015, Trupay has had over 100,000 downloads with an average Rs 600 per transaction, and 200-300 transactions on a daily basis. It received initial funding from Singapore-based fund M&S Partners and Aqualyng Holdings.

Trupay has tied up with ICICI Bank, Axis Bank, Kotak Mahindra and Yes Bank, and has 50 merchants, including e-commerce firms and kirana stores. It can do transactions with all banks, which are integrated with the UPI. Trupay also allows money transfer to those not registered with Trupay. The sender has to feed the recipient’s bank account number and IFSC code.