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LALA World launches blockchain payments app in India & the UAE

fintech

Singapore based fintech company LALA World has launched a blockchain based payments application for iOS in India and the UAE. The app will facilitate users to pay mobile and utility bills such as telephone, gas, broadband, electricity, etc., the company said in a press release. According to the company’s website, the ‘LALA’ ecosystem is built around four key products - LALA Transfer, LALA Card, LALA Bill Pay and LALA Lends. In India, the application currently supports 25 different utility service providers and 29 different DTH and mobile service providers. Users will be required to create a blockchain based ‘LALA ID’ to avail the said services. An Android version of the application is already available through Google Play Store. LALA World claims to have launched a mobile wallet app, LALA Wallet, in the country for Android devices in July. Going forward, LALA World plans to launch LALA Transfer, an International remittance service and a Crypto Lending service ‘for crypto friendly nations.’ Loans through Rising Straits Finance While the Economic Times reports that LALA World currently only facilitates bill payments in India, a blog post by the company claims that it has already commenced lending operations in the country. The company claims to provide loan services in the country through Rising Straits Finance Pvt. Ltd, a non-banking financial company (NBFC). Explaining its strategy in the segment, the company said that it plans to offer loans in two segments in the first phase - Micro and Nano Credit (MANC) for individuals and MSME Loans for Micro Entrepreneurship. According…

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