Mypoolin sees a sweet spot in social payments
NEW DELHI: Social payments startup Mypoolin has seen nearly four times growth in the past month, helped by its “any phone, any bank“ feature, coupled with the government's push for digital payments and the unified payments interface (UPI).
Post demonetisation, the awareness around UPI has grown, especially after Prime Minister Narendra Modi's Moradabad rally in early December, said Ankit Singh, cofounder, Mypoolin. The platform supports UPI for money transfers.
The "any phone, any bank" feature on Mypoolin lets anyone transfer money through the app, just by using their mobile number. If the other side does not have Mypoolin installed, the money resides in an escrow account, until it is collected by the recipient through an IMPS transfer or by registering on UPI.
"There are only two types of transactions that people are going to increasingly engage in -payments with merchants or strangers and payments with friends and acquaintances," said Singh, adding that India is at the tipping point of the social payments revolution in India, much like WeChat in China.
Post demonetisation, the awareness around UPI has grown, especially after Prime Minister Narendra Modi's Moradabad rally in early December, said Ankit Singh, cofounder, Mypoolin. The platform supports UPI for money transfers.
The "any phone, any bank" feature on Mypoolin lets anyone transfer money through the app, just by using their mobile number. If the other side does not have Mypoolin installed, the money resides in an escrow account, until it is collected by the recipient through an IMPS transfer or by registering on UPI.
"There are only two types of transactions that people are going to increasingly engage in -payments with merchants or strangers and payments with friends and acquaintances," said Singh, adding that India is at the tipping point of the social payments revolution in India, much like WeChat in China.
