Personal finance tracker Walnut has tied up with card network Visa and ICICI Bank to launch new features which will allow users to split bills and P2P transfers to bank accounts using only debit cards. Walnut’s app will be linked to a customer’s debit card. They can choose a contact on their phonebook to send the money.
This will be done as regular online payment which will include two-factor authentication. The recipient gets a message with a link to collect their payment. Recipient needs to enter their debit card number and the amount will be transferred into their account. Walnut uses Visa’s APIs and ICICI Bank’s payment gateway to settle a payment.
Note that this only works for customers with a Visa card and will not work with MasterCard and RuPay cards. “RuPay and MasterCard customers will have to enter their IFSC code and bank account details on the link and the transfer will happen on IMPS,” Walnut CEO Amit Bhor told MediaNama. He added that the company is in talks with other card networks
The funds being transferred are stored in escrow in ICICI Bank and will be reversed into the sender’s account if the money is not accepted within time period.
Walnut says that it has more than 800,000 monthly active users and has an install base of 1.5 million. Bhor added that since the launch three days ago, Walnut users have sent Rs 70 lakh from the app.
Funding: The company was founded in 2014 by Bhor and Patanjali Somayaji. The app analyzes a user’s SMS inbox to track expenses and provide reports and insights on their spends. It had raised seed funding from Sequoia Capital more than an year ago, as indicated by this YourStory report.
Competition: Last year, Times Internet Limited (TIL) launched an expense management app called SmartSpends, which will provide users with a know how on where they have spent money, will organise all spends in one place and alerts for bills etc.