“A person can simply select the contact (mobile number) from his address book inside the (Mypoolin) app and send money without worrying about his/her friend being on UPI,” said Rohit Taneja, Co-founder, Mypoolin, while explaining the instant money transfer service.
The recipient first have 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.
IMPS (Immediate Payment Service) is the money transfer mode that UPI is built on, and allows a real-time payments mechanism at any time of the day making 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.
In the current cash crunch situation, Mypoolin is offering a convenient option of money transfer.
Users can transfer any amount from Rs 2 to Rs 1 lakh without having to pay any transaction cost. While wallets have been in limelight lately for paying merchants post demonetisation, 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.
“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,” added Ankit Singh, Co-founder, Mypoolin.
Mypoolin recently became the first company in Asia to launch P2P payments over Facebook Messenger with a chat-bot and later introduced UPI to top it up. Mypoolin has partnered with YES BANK for UPI to enable its users to make seamless merchant and peer to peer payments on its platform.
The startup is supported by angel investors Rajan Anandan, Sharad Sharma, Sunil Kalra, Amit Ranjan, Investopad and others