And for those who had been saying that the country’s graduation from the regular online wallets was long overdue — Enter Udio, Digital payments company TranServ’s attempt at innovating in the highly competitive digital wallet space, via a social angle.
While other wallets are simply what they claim to be, Udio claims to be radically different. The wallet is more of a social experience that seeks to address some of the issues that cause the gap between real and virtual modes of payment. After all, monetary transactions, despite us being usually unaware of the fact, are often highly social events. Take the sharing of bills between two friends at a restaurant for example. However most online payment services fail to make provisions for these kinds of scenarios.
Not Udio though. True to its name — which means “share” in Croatian — the Udio Wallet is designed to bring a social and community-driven aspect of payments to the fore while also ensuring an anytime, anywhere accessibility to digital P2P transactions via its very own, secure payment systems.
The wallet boasts of a unique and interactive interface that mimics that of a social medium platform and allows wallet users to do stuff like splitting bills, sending/requesting money, and group payments. I don’t even need to elaborate on how handy that is. Simply imagine yourself eating at an expensive restaurant with your buddies and then the hassle over bill payment followed by the tedious task of sharing it out. With Udio, you can simply split and pay the bill from your mobile phones.
And that was just one example. The number of situations that could deploy this app are virtually limitless. As if that wasn’t reason enough to adopt it, Udio can be used to make presents and gift-able merchandise include merchant vouchers, drinks, desserts, spa sessions and so on.
The Udio wallets also come integrated with a VISA Pre-Paid Card issued by Ratnakar Bank. This serves to make sure that Udio users have the option of mobile payments at over 1 lakh merchants across the country. This is also in line with recent virtual card launches by companies such as FreeCharge, PayTM and Oxigen.
Well, in the rapidly emerging era of cashless transactions, mobile platforms are quickly becoming one of the favorite modes of payment. With all the innovation and life-like facilities provided in a single package, I wouldn’t be too surprised if we see Udio take lead in the niche in the coming times, taking into account India’s love for social networking.