True Balance launches mobile wallet service; ventures into fintech business

§  Launches features of adding money to wallet and peer to peer money transfer

§  Addition of the mobile wallet feature signals the transformation of True Balance’s core business model from phone recharging service to financial service

§  New wallet service in line with Indian government’s vision of promoting a ‘cashless economy’

7th December, Mumbai – True Balance, one of the top applications in the lifestyle category on Google Play Store added a mobile wallet feature today, marking its entry into the fintech business in India.

Having received a nod of approval for wallet license from the Reserve Bank of India (RBI) earlier this year, the mobile balance checking company has now launched its new mobile wallet feature enabling next generation payment method. This feature will allow users to add money to wallet, do faster recharges and do peer to peer money transfers.  Moreover, it will also enable users to transfer wallet money to one’s bank account. True Balance wallet is RBI compliant and keeps data security of users at utmost priority.

Speaking on the mobile wallet launch Mr. Charlie Lee, CEO, True Balance said, "By enabling digital payments on our platform, we are taking another important milestone which supports Indian government’s vision of digital India.  Our new feature will help Indians to make secure and seamless utility payments from their mobile phones. The launch of mobile wallet is intrinsic to our strategy to engage with users and increase revenues as well.”

The app, which started as a mobile balance management service for pre-paid users, has already garnered more than 50 million downloads. It has been providing various features around managing phone bills; allowing users to know their data consumption, mobile balance and next due recharge date etc. with just a swipe. It also offers ‘One click- recharge feature’, enabling easy phone bill payments on its platform. The launch of wallet feature sees the app gradually progress from a “balance check app” to a “bills check and payment app.”

In the past, users recharged their phones by using a credit or debit card or points earned through referral system/in-app activities or offers. Now, True Balance’s mobile wallet will allow users to freely deposit money to their True Balance Wallet thus facilitating easy phone recharges.

About True Balance

True Balance, a startup founded in 2014 by Cheol-won (Charlie) Lee is a blend of Korean and Indian workforce. 95% of the population in India uses a pre-paid mobile plan, hence the app was developed due to the constant necessity of checking balance and recharging. True Balance has shifted mobile balance alerts from text to infographics and made it convenient for users to easily check the balance, purchase pre-paid plans and track data usage. As of November 2017, True Balance has more than 50 million downloads in the Google Play Store and counting. Such impressive has been its growth that SoftBank Ventures Korea called True Balance ‘its most impressive investment till date’ during the second round of funding.

True Balance is under the 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 10 telecom companies in 22 telco circles in India. The app enables users to check remaining balance in real-time even without the phone being connected to data service, in consideration with the low data connectivity in the country. In 2016, the app was selected in the App Starter Kit (collection of most used apps in the country) on the Play Store and has ranked No. 1 in the lifestyle app category.

About Balance Hero

Balance Hero is a startup founded in 2014 by Cheol-won Lee who successfully led “Wider Than” and” Access Mobile” in the past. In 2014, the company launched True Balance, an app that allows users to check and track their call expenses and data balance. True Balance has successfully completed Series A and Series B funding rounds which showcases its growth potential. Beginning with providing a solution to efficiently manage mobile usage in low-bandwidth countries such as India, the company is committed to create a world where users can communicate freely with each other at a reasonable cost.

Tweet

Subscribe to receive free email updates: