With the advent popularity of wallet services Paytm or Freecharge, the digital payment ecosystem in the country has already matured and is now ready to spread its wings to go global. The latest addition to the extensive list of rapidly growing digital payment services would be Trupay.
As announced today, Trupay has signed a strategic partnership with the largest global payments service provider PayPal to enable international cross-border payments for both customer and merchants on its platform. In addition, this deal also provides PayPal with a local digital payment service to remit its inward payments in India.
The company believes that most merchants in the country currently do not have a robust payment mechanism for sales done overseas. And they also cannot rely on banks as they focus mostly on large B2B transactions. With this impressive partnership, Trupay aims to solve these issues and be the one-stop shop for all payment requirement of its online and offline merchants.
Continuing to talk along the same lines, Vivek Lohcheb, the co-founder of Trupay says,
Jewellery and handicrafts alone constitute over USD 50 billion worth of transactions annually from India, at present there are limited options for merchants to collect payments directly from overseas customer.
This partnership will allow global reach for even the smallest merchant to sell its goods overseas directly to customers with total security and fraud prevention mechanisms.
In addition, for those unaware, the company has recently also accepted the recently introduced United Payments Interface(UPI) system of real-time payments/transactions on their platform. And within a month of launch, the Android app has already seen much traction and garnered about 150k downloads. It currently has a rating of 3.9 and seems to be faring well among consumers.
With this partnership Trupay also seeks to leverage the global best practices and risk management systems of PayPal. Trupay has already gone live with 21 banks and has also integrated with some of the top mutual funds, insurance and securities brokerages to provide UPI based real-time payments,
Headquartered in Gurgaon, Trupay was launched by a trio of founders Rahul Gochhwal, Narender Kumar, and Vivek Lohcheb in 2015. The company aims to be a forerunner of the digital revolution and provide fast, cost-effective and secure payment solutions to all. It not only provides an UPI-powered mobile app, but also a plug and play, technology agnostic payments platform to its merchants.