Social, peer to peer and group payments’ company Mypoolin has recently made key efforts on the technology front in terms of their payments offering. The company has integrated Artificial Intelligence and very specific Machine Learning models to help their software products understand more about the end user in their social context as well as provide smarter recommendations. They follow a full stack approach and are live across multiple platforms including web, mobile, chat-bots on messaging platforms, as well as merchant SDKs & APIs.
The system maps ten key parameters based on the interaction of the consumer. Some of the parameters include transaction frequency, the amounts and of course the social engagement, which is unique in this case to Mypoolin. This helps in turn create three kinds of profiles and scores for the person, one in terms of pure payments, second in terms of his social activity on the platform and third which is a blend of the two.
Announcing the new initiative, Rohit Taneja, Co-Founder, Mypoolin, said, “Post UPI launch and demonetization, the pace of online peer to peer transactions has caught rapid pace with no signs of abating. This shows that the base has already been set up thanks to the infrastructure in place and that the timing is perfect. The real value now lies in the use cases that we are building on top of it as a one stop app for settling, tracking and managing our payments with friends“
The company has a strong team with deep and varied technology background that helps them understand the intrinsic building blocks of a self-learning system. Using natural language processing, the chat-bots for p2p payments have been made more responsive and via machine learning, the various components of the product are being made smarter like profile scoring on the basis of social context and network mapping. Block-chain is on their radar next and is currently being researched upon as a building platform.
Added, Ankit Singh, Co-Founder, Mypoolin, “Being a lean and agile start-up, we are always at the forefront of technology changes in the overall industry. What we have done till now is build beautiful and user friendly lifestyle products with payments as the backbone. Now we are making them smarter and much more efficient for the millions of users coming in the future.” Last year, Mypoolin became the first company in Asia to launch P2P payments over Facebook Messenger with a chat-bot and later introduced UPI on top of it. Mypoolin has partnered with YES BANK, India’s 5th largest private sector Bank for UPI to enable its users to make seamless merchant and peer to peer payments on its platform.
Mypoolin is backed by angel investors Rajan Anandan, Sharad Sharma, Sunil Kalra, Amit Ranjan, Investopad and more. They had also won a $250,000 convertible note from Accel Partners and Qualcomm Ventures as Q-Prize 2015 India winner.