Walnut joins hands with TechProcess

NEW DELHI:Personal finance management app, Walnut has teamed up with TechProcess Payment Services Ltd. (TPSL) to enable users to freely transfer money across banks and cards.

“Post demonetisation, a number of digital payment transactions has risen up sharply in India,” said Walnut CEO Amit Bhor. “We’re seeing a huge rise in the use of our bill split feature and P2P transactions on Walnut. However, as far as peer-to-peer payments are concerned, we have seen that people still prefer to receive money in their bank accounts rather than wallets. Our partnership with TechProcess allows users to send money from any bank account-to-any card and vice-versa completely free.”

The partnership will allow 5 million Walnut users to send money instantly to anyone in India, initially using only their debit cards and subsequently bank accounts as well. Also, the strategic partnership, which leverages TechProcess’s Paynimo payment platform, benefits Walnut P2P payment users by taking away the need for users to remember their different bank account numbers or IFSC codes or card numbers and expiry dates, with all transactions being completely secure with two-factor authentication.

Kumar Karpe, the CEO, Techprocess Payment Services, added “Not only does Paynimo, our Next Gen digital payments platform enable seamless money transfers for all Walnut users, it is the only aggregated third-party payment solution that enables interoperability that works across major card networks and all banks in India. We look forward to collaborate in the future and launch more products to serve Indian consumers.”