Now that the demonetisation of the Rs 500 and Rs 1,000 banknotes is underway, the lines at ATMs have now grown a bit shorter, along with India’s dependence on hard cash. Thanks to demonetisation, a move by the prime minister to rid the nation of black money, digital payment options have seen a big jump in the number of users. It is the digital payment companies that have benefited the most, and Trupay is one of them. Today, even the State Bank of India (SBI) and HDFC Bank have tied up with the company’s united payment interface (UPI) to help more people go cashless with transactions.
Trupay is one of the first non bank companies in the country to offer UPI payment solution. Its riding on the wave of the demonetisation drive and adding SBI along with HDFC will get Trupay access to about 35 percent of the India’s banking population. SBI and HDFC bring the total number of supported banks utilizing UPI payments to 28 which now enables 90 percent of the India’s banking population access to cashless digital payments.
With the announcement of two major bank partnering with Trupay, the company also unveiled its UPI based merchant solution. This allows merchants to collect payments through UPI.
The move should be a blessing for merchants as many would be facing major problems in terms of cash transactions. This applies more to merchants as it allows for digital payments without the need for cards and POS machines. According to Trupay, a merchant can get on board in just 2 minutes and begin collection of UPI payments from customers.
“This coming together of all major banks on UPI is a major boost to bank based digital payments. In current times of cash crunch UPI can be a major boon to enable even the smallest merchant to receive digital payments” said Rahul Gochhwal, Co-founder of Trupay.
United Payments Interface or UPI is an online payments solution that allows for instant funds transfer between individuals using just a smartphone. The service can be used to send and receive funds and this works from person to person without the need for a vendor as the middleman. The system was launched in April 2016 by RBI Governor Raghuram Rajan.