The Mobile Wallet acquires Trupay to integrate its UPI, QR code platforms
New Delhi: The Mobile Wallet Pvt. Ltd, a digital wallet and pre-paid cards company, has acquired Kae Capital-backed Trupay to integrate the latter’s UPI (Unified Payments Interface) and quick response (QR) code-based payments stack with its platform, the two companies said Tuesday.
The financial terms of the deal were not disclosed.
Delhi-based Trupay, founded in April 2015, offers a plug-and-play payments platform for businesses. The acquisition will allow The Mobile Wallet, which operates under the brand tmw, to enable its merchant base to collect payments using UPI and Bharat QR.
“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,” Trupay co-founder Rahul Gochhwal said in a statement.
tmw is a digital wallet for peer-to-peer and peer-to-merchant transactions launched in November 2015. It offers a pre-paid debit card, powered by MasterCard, which works at ATMs (automated teller machines) and merchant establishments, in combination with tmw mobile app.
According to Google Play Store, tmw’s downloads fall in the range 100,000-500,000.
“We believe that QR code will drive the digital payments of the future and major use cases will be the small retailers like mom and pop stores and grocers. With the new product suite, tmw plans to achieve a merchant base of 1 million by the end of FY 2019,” said Vinay Kalantri, founder and managing director at tmw.
Kalantri is one of the promoters at Mumbai-based infrastructure firm Balaji Infra Projects Ltd and had earlier started telecommunication services company QueMobile in 2011.
Smartphone penetration and increasing adoption of digital payments, especially through UPI-based apps, has trigged an effort by big and small digital payments firms to integrate UPI capabilities.
Paytm, the country’s biggest digital payments firm with 200 million users, launched UPI-based payments in June. MobiKwik followed suit in October, while Google launched its UPI-based app Tez in September.
Hike, an Indian messaging app also launched in June a mobile wallet and payments service solely based on UPI.
The move towards UPI, the digital payments framework the Indian government launched in April, is comprehensive. According to the Reserve Bank of India, transactions over UPI grew 14 times between April and November 2017.
“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,” said Sasha Mirchandani, founder of Kae Capital, which invested in Trupay July 2017.
Other investors in the company include M&S Partners Japan and Tracxn Labs.