tmw is pleased to announce that it has recently completed the acquisition of Trupay. Based out of Delhi, Trupay is a certified UPI and Bharat QR enabled payments platform that provides plug and play payment solutions for businesses. This acquisition will allow tmw to enable its merchant base to collect payments using new age mediums like UPI and BharatQR.
This acquisition will bring significant value to the product offering of tmw. The combination of UPI, wallet and prepaid card on customer side and QR based solutions for merchants will provide a holistic ecosystem that ensures a secure payment solution for businesses and a seamless experience for customers.
tmw founded in 2015 by Vinay Kalantri started by offering a wallet linked prepaid card powered by Master Card. Vinay Kalantri, Founder and Managing Director of tmw said, “We are thrilled to combine forces with Trupay. The merchant side payment acceptance infrastructure is lacking significantly in the country. With product suite of tmw and Trupay combined we will be able to offer very cost effective asset lite payment acceptance solutions to merchants. We believe that QR code will drive the digital payments of the future and major use cases will be the small retailers like mom & pop stores & grocers. With the new product suite tmw plans to achieve a merchant base of 1 million by the end of FY 2019.”
“Trupay has always been a pioneer in payments technology; with UPI and Bharat QR solution now being added to tmw’s existing product suite, will be one of the most comprehensive merchant payment solution; a recipe which will witness hyper growth.” said Rahul Gochhwal, Co-founder Trupay.
Trupay, a company founded by ex IIM grads and backed by M&S Partners Japan and Mumbai based venture capital firm Kae Capital. Sasha Mirchandani, founder of Kae Capital said “It is heartening to see two pioneers in payments space to combine strengths. Trupay has a strong product suite and tmw brings in the expertise of scaling up the product offerings.”