Hyderabad: True Balance has added mobile wallet feature to its app thus marking its entry into the FinTech business in India. The mobile balance checking company had received approval for wallet license from the Reserve Bank of India (RBI) earlier this year and has now launched its new mobile wallet feature. It 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.
Speaking on the mobile wallet launch 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 app, which started as a mobile balance management service for pre-paid users, has already garnered more than 50 million downloads.