Instamojo, a website which allows users to buy and sell their digital goods, has introduced Instapay, a payment method that will let users collect payments using their Instamojo usernames, reports ET Tech. According to the company, about 600 merchants are already using the service over the last week. To use the service, users only need to share instamojo.com/@username with customers, enabling them to pay directly. Essentially, the user's username acts as a proxy for their bank account. The payout cycle and transaction fees are the same for Instapay as for other transactions over the platform. According to Instamojo, it will take on board small and medium business segments that have trouble receiving or making payments. Instamojo mentions that if users need to collect more information or set a price etc, then they will be required to create links, however users can adopt both approaches at the same time. As of now, users will not be able to use Instapay to carry out transactions using non-Indian/foreign bank credit and debit cards for INR priced links. Founded in 2012 by Sampad Swain, Harshad Sharma and Akash Gehani, Instamojo allows users to collect online payments by simply creating a payment link, adding details like price, sharing the link on websites, through an email, and even on WhatsApp or through SMS, and receive payment. Previous developments: - In September last year, Instamojo launched an app store that provides users with a suite of apps to simplify online selling and collection of payments. Users needed…
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