Udio, an e-wallet for social payments

 
Mumbai:

Payments processor TranServ , which recently partnered Micromax for a native payments application, has launched Udio -a digital wallet targeted at social transactions. The startup company , which is backed by Faering Capital and Nirvana Venture Advisors, is also in the process of raising a fresh round of funding from existing and new investors.The company has recently received an in-principle nod from the central bank to start business as an issuer of prepaid instruments. Speaking to TOI, co-founder and CEO Anish Williams said that most of those in the digital wallet space were looking at consumer-to-business payments.“We feel that there is a huge interest in the peer-to-peer category , particularly among the youth,“ he said.

The deal with Micromax gives Udio a big jump forward.According to Williams, rather than have it as an app on the handsets, the company has designed the payments software native to the phone. This would allow the owner to send money to contacts in the phone or social media networks.

The other advantage is the dealer networks who are being enrolled as representatives for topping up the digital wallet with cash if the buyer is not used to fund transfers via net banking for moving money into the wallet.

While the driver for usage is expected to be peer-to-peer payments, the digital wallet would offer merchants a value proposition by allowing them to provide loyalty rewards and extend free sampling to customers.

 

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