- Launches features of adding money to wallet and peer to peer money transfer
- Addition of the mobile wallet feature signals the transformation of True Balance’s core business model from phone recharging services to financial services
New wallet service in line with Indian government’s vision of promoting a ‘cashless economy’
True Balance, one of the top applications in the lifestyle category on Google Play Store added a mobile wallet feature today, marking its entry into the fintech business in India.
Having received a nod of approval for wallet license from the Reserve Bank of India (RBI) earlier this year, the mobile balance checking company has now launched its new mobile wallet feature enabling next generation payment method. This feature will allow users to add money to wallet, do faster recharges and do peer to peer money transfers. Moreover, it will also enable users to transfer wallet money to one’s bank account. True Balance wallet is RBI compliant and keeps data security of users at utmost priority.
Speaking on the mobile wallet launch Mr. Charlie Lee, CEO, True Balance said, “By enabling digital payments on our platform, we are taking another important milestone which supports Indian government’s vision of digital India. Our new feature will help Indians to make secure and seamless utility payments from their mobile phones. The launch of mobile wallet is intrinsic to our strategy to engage with users and increase revenues as well.”
The app, which started as a mobile balance management service for pre-paid users, has already garnered more than 50 million downloads. It has been providing various features around managing phone bills; allowing users to know their data consumption, mobile balance and next due recharge date etc. with just a swipe. It also offers ‘One click- recharge feature’, enabling easy phone bill payments on its platform. The launch of wallet feature sees the app gradually progress from a “balance check app” to a “bills check and payment app.”
In the past, users recharged their phones by using a credit or debit card or points earned through referral system/in-app activities or offers. Now, True Balance’s mobile wallet will allow users to freely deposit money to their True Balance Wallet thus facilitating easy phone recharges.