n One-click Recharge and Rebate Feature Update Boosts the Recharging Frequency and Revenues from Service Charge
n The app has also witnessed an increase in Recharging Frequency accelerated by the introduction of recharge option for Reliance Jio users
n Improved Payment Convenience through the Support of Multiple Payments to Simultaneously Pay with Points and Credit Cards
(Mumbai, 1st June, 2017) — True Balance, India’s leading mobile balance management service app has recorded a 100 percent increase in monthly sales from recharge service fees . The app has received a tremendous response in the recharging frequency on its platform post the launch of ‘One-click Recharge’ feature announced earlier in the year. The one-click recharge feature facilitates easy phone bill payments for users at the click of a button.
True Balance who raised Rs 100 crore in Series B round of funding from renowned VCs are focusing on enhancing the platform’s features. The app has introduced new features like recharge option for Reliance Jio users and multiple payment features.
The app started to service Reliance Jio’s balance management and recharging feature earlier this month. The app which is currently providing recharging options for telecom players including Vodafone, Aircel, Airtel, Idea, BSNL, Reliance, Tata Docomo, Telenor(Uninor), had recently received a strong demand in the market for the introduction of Jio recharge feature driven primarily due to the telecom player’s recent expansion in the marketshare in India.
The mobile balance management platform has also introduced a multiple payment feature to further encourage users to recharge their mobile data more frequently. The multiple payment is a feature which lets the users choose both points and credit card as a payment method when they check out, in addition to the previously available payment methods such as bank transfer and points earned by participating in events.
Speaking on their strategy on feature enhancements in India, Mr. Charlie Lee, CEO, True Balance said ” Thanks to the one-click recharge feature, we have witnessed a surge in the number of users recharging their data and have doubled our revenue from service charge on a month on month basis. We will continue to focus on updating our recharge features to boost sales and expand business model by increasing an in-app advertising.”
Launched in 2014, True Balance has been providing various features around managing phone bills to pre paid users in India and allows users to know how much data has been consumed, how much money is left and how many days for the next recharge with just a swipe . Focussing on the increasing trend of smartphone users in India, the app has successfully managed to garner more than 40 million downloads so far.
About ‘True Balance’
True Balance is an application that Balance Hero launched in India in 2014. In India, 95% of 1 billion in the population uses pre-paid mobile plan, and it was developed with an idea for necessity in checking the balance and re-charging. True Balance has shifted balance notifications from text to infographics and made it continent for users to easily check the balance, purchase pre-paid account, re-charge amount, and trace data usage. As of July 2016(in just 19 months from first release), 10 million downloaded the application and by February 2017, the number doubled, with still a steep curve for increasing in popularity. In 2016, it was selected as App Starter Kit(collection of mostly used apps in a country) in the Google Play Store and has ranked No. 1 in lifestyle category.
True Balance is under a process of patenting its automatic engine technology for comprehending text messages, in Korea and India. This technology will be directly applied to users signed under plans from 9 telecom companies in 22 telco circles in India, and remaining balance can be checked in real-time even without the phone being connected to data service, in consideration for low connectivity in the country.
About Balance Hero
Balance Hero is a startup founded in 2014 by Cheol-won Lee who led Wider Than and Access Mobile. In 2014, the company launched True Balance, an app that allows users to check their call expenses and data balance and successfully completed the Series A and Series B funding rounds in 2016 as its growth potential was recognized. Beginning with providing a solution to efficiently manage mobile usage in low-bandwidth countries such as India, the company is committed to creating a world where users can communicate freely with each other at a reasonable cost.