Trupay clocks 50,000 installations, pegs a spot in online transaction

NEW DELHI: Trupay, the payments app company has successfully crossed 50,000 installs on the Google play store within a month of launch, says the press release by the company. Trupay explains that it by-passes all intermediate layers, allowing the user to pay anyone on its contact list directly from one’s bank account instantly.

Speaking on Trupay, Rahul Gochhwal, Co-founder of Trupay and an alumnus of IIM Calcutta said, “We have been working on this App for more than a year now. Our aim was to enable transaction of money between individual bank accounts and shopping both online as well as in a store. This then helps in doing away with the hassle of swiping one’s debit card, thereby doing away with the intermediaries involved and even the hassle of carrying your cards with you. It’s a proud moment for us today and I am sure Trupay’s features and uniqueness will attract more users to it.”

Speaking on the launch, Narender Kumar, Co-founder of Trupay and a great fan of Elon Musk explains, “I think it is important to solve a problem from first principles and try to find those fundamental truths. That is the only way to come up with transformative solutions else we come up with only slight iterations of what has been already been done before. Applying the same philosophy to the payments ecosystem, we realised that starting another wallet company was not the answer. So we set about discovering the problems within the current payments ecosystem. The more we dug into the details, the more we were convinced that the present payment ecosystem requires a transformational change as there were problems which were awaiting a solution in the name of Trupay.”

Vivek Lohcheb, the third Co-founder, an alumnus of IIM Bangalore and the growth hack amongst the three added, "Jan Dhan Yojana bolstered with the recent JAM (Jan Dhan-Aadhaar-Mobile) initiative by the Government has tremendously expanded our reach. We want financial inclusion and with Trupay , every one with a bank account and a mobile becomes a potential user for Trupay. With the recent launch of the UPI by NPCI, we believe we have an edge over others since we already have an aligned product built on IMPS, ready to be integrated with UPI. This is a path breaking App and we are sure the user experience that Trupay offers has the potential to bring corporates to start using this platform for their transactions.”