Jugnoo, the on-demand auto rickshaw aggregator, has taken a major step to complete the integration of the Unified Payments Interface (UPI) service into their mobile app. Adding to PM Modi-led government’s ambitious vision of a cashless India, the company is now a step closer to the official debut of their own payment wallet called ‘Jugnoo Pay.’
The auto rickshaw aggregator had expressed its interest in launching a UPI enabled payment platform (similar to PhonePe, launched by Flipkart) for its service back in September. But Jugnoo had been facing issues in the development of said capabilities due to unavailability of the UPI SDK.
For those unaware, Unified Payments Interface (UPI) is the technology which powers multiple bank account connections, several banking services features like fund transfer, and merchant payments in a single mobile application. It will enable users to directly link their bank accounts to a digitally secure app instead of providing card details for each transaction.
Samar Singla, founder and CEO of Jugnoo shared the same grievance with our esteemed Prime Minster on Twitter.
— Samar Singla (@samarsingla) November 27, 2016
As mentioned above, the tech team at Jugnoo had been trying to mold its UPI enabled payment service for months and this was a cry for help. Surprisingly, the PMO Office came to the rescue and the issue was resolved within 48 hours, stated Singla in another tweet. The company’s partnership with Yes Bank enabled it to gain access to the required software kit as well as the National Payments Corporation of India’s technology library.
— Samar Singla (@samarsingla) November 30, 2016
This announcement from Jugnoo comes on the heels of the recent landmark demonetisation move, which scraps high-currency notes. Also, the immediate response from the PMO Office reiterates their commitment towards the rise of a strengthened, cashless and digital economy in the country. It is looking to push the populace of the country to recognize and adapt to these innovative payment solutions.
Commenting on the same, Ronak Goyal, VP of engineering at Jugnoo, says,
Factoring in the array of drawbacks in e-wallets, UPI is the next big thing and digital wallets will eventually become obsolete. It is end-to-end encrypted with 256-bit encryption. Even Jugnoo Pay cannot see your bank account information and no merchant can see it.
The Jugnoo Pay service is currently available only on Android. The iOS version is currently in the works and is expected to arrive soon. The existing users will gain access to the payment service right away by logging into the app. Jugnoo is also looking to expand the scope of their solution for other e-commerce and businesses, including offline support to support financial inclusion.