The Mobile Wallet (tmw) has acquired Delhi based mobile payments startup Trupay for an undisclosed amount. Trupay, according to its website, was backed by Kae Capital, m&s Partners Pte Ltd, Traxn and Alex Mashinsky. Truepay is a UPI and Bharat QR enabled payments platform, with both merchants and users as clients. Trupay is being rebranded as tmw biz, and it appears that the UPI and Bharat QR functionality is being added to tmw. tmw had a prepaid card and wallet offering, by the looks of it.
We’ve never really heard of tmw before, and there’s little substantive information about the business on its website, apart from a hyperbolic claim that it’s “India’s first payment solution that will make it easy and possible for its users to complete their daily transactions without having to reach for their physical wallets”. The Google Play app download page indicates that it has 100,000-500,000 downloads, the same as Trupay. tmw was founded in 2015, while trupay was founded in 2016. According to Mint, tmw founder Vinay Kalantri “is one of the promoters at Mumbai-based infrastructure firm Balaji Infra Projects Ltd and had earlier started telecommunication services company QueMobile in 2011.” We have covered Trupay once before, when we had highlighted its permissions requirements, from a privacy perspective, back in December 2016.
Anyway, the tmw app download page indicates that it allows users to get a Mastercard Prepaid card without a bank account for online purchases, instantly activated; it allows paying for around 70 utility services via a BBPS integration, insurance premium, and payments at over “15,0000 HPCL petrol pumps”. It has the usual discount offers, and allows purchase of gift cards and meal vouchers.
tmw is apparently targeting a merchant base of 10 million by the end of FY 2019.