Social, a peer to peer and group payments company Mypoolin has now enabled anyone in the country to transfer money to anyone’s bank account just with the recipient’s mobile number. Since UPI is still a nascent platform, some of the users faced an initial challenge as to how to send money to a friend if that person has not registered on UPI. Hence, in order to remove that break as well as increase the convenience manifold, Mypoolin has launched the system for facilitating P2P payments even if the recipient has not yet registered on UPI.
Announcing the new initiative, Rohit Taneja, Co-Founder, Mypoolin, said, “A person can simply select the contact (mobile number) from his address book inside the app and send money without worrying about his/her friend being on UPI. The recipient gets a message to download the app and leave his account details with Mypoolin to get the money transferred instantly at any time to his account over IMPS. Once the recipient provides these one-time details or registers on UPI, they can then get money instantly in their bank account for all future transactions.”
The whole country has lately been buzzing with the new revolution in the payments industry that goes by the name of UPI (Unified Payments Interface). UPI is built on top of IMPS (Immediate Payment Service), the only real-time, 24*7 payments mechanism in the country. It makes it very easy for users to make payments with just their ‘virtual addresses’ - a unique payment identity of a user for sending and collecting money.
It will enable people to settle and transfer money conveniently in wake of recent demonetisation and cash crunch. Users can transfer any amount from Rs 2 to Rs 1,00,000 per transaction free of cost. While wallets have been in limelight lately with cash demonetisation for paying merchants, when it comes to transfers and settlements among people on a daily basis, UPI provides a greater experience with direct bank transfer without a user worrying about wallet transaction limits.
Added, Ankit Singh, Co-Founder, Mypoolin, “Users in the country have in past filled in account number and IFSC for NEFT, then MMID came with IMPS followed by Virtual Addresses now with UPI. We believe that for making a money transfer to anyone’s bank account, users should be able to just select a contact and make payment. This is a step in that direction.”
This new move comes after Mypoolin recently became the first ones 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 also won a USD 250,000 convertible note from Accel Partners and Qualcomm Ventures as Q-Prize 2015 winner.