Taking India one step closer to become a cashless economy, True Balance, the fintech app has introduced a new feature which helps its user base to purchase smartphone and feature phone for India II and India III through its application. True Balance is on the verge of expanding its business by providing e- commerce platform enabling customers to have benefits of buying smartphones with retail partners and access the fintech services like digital payment, insurance, and purchase of financial services.
“The number of smartphone users in India is estimated to reach 468 million and hoping the number to increase by next year (AASOCHAM-PwC joint study). India is second in terms of using smartphone, but majority of our rural population is still not using smartphone or only using feature phones. With the launch of our e-commerce platform we have expanded our service offerings for India 2 and India 3 customers. The move is in line with our brand philosophy of providing financial services and empower India beyond the metros and create greater financial inclusion. Handsets is first of many product categories that we look to launch for our customers ranging from mobile accessories, small electronics to FMCG soon” said Mr. Charlie Lee, Founder, True Balance.
With the launch of handsets, services like railway and bus tickets with an option to pay in installments the company is all set to expand its revenue generation and Gross transaction volume. The brand will keep adding a wider range of partners to increase its offering in handset category.
“Online shopping has gained popularity in the recent time and has made thing easily available at only few clicks just at your doorstep. It is convenient and saves lots of time and money. Availability of handsets through True Balance application will help brand reach out to larger consumers especially from India 2 and India 3 where availability of products as per their budget and need is still a challenge through brick and mortar stores” said Mr. Jatin Dawar, Head of Commerce BU & Payment Cell.
Currently, True Balance has clocking 3 lakh transactions daily and aims to bring financial freedom to primarily unbanked users by giving them a safe, fast and convenient transacting experience while also bringing them under the umbrella of financial inclusion right on their doorstep.
True Balance started off as a balance check application, the brand has evolved its model to move into financial services for that section of economy who need money for living to fulfill their basic needs. As part of their future strategy, True Balance is focused to provide financial products and services suiting their needs like – True PayLater, Recharge Loan, insurance etc.
True Pay later a service recently launched by the brand to fulfil the needs of their users to pay their electricity bills, mobile bills, and DTH recharges in two payments have achieved another milestone by crossing the mark of 1 million transactions. The new service was launched to tap customers who are unable to pay the whole amount of their monthly bills at once was received well by its user base of 70 million.
About True Balance
In 2014, the mobile application True balance was launched by Mr. Cheolwon Lee (Charlie Lee), an alumnus of the University of Chicago to empower the next billion and to enable seamless mobile bill recharges, utility bill payment, True Pay Later which has garnered more than 70 million downloads so far. True balance is ‘One Stop Payment “solution for all utility bill payments and foresees to provide small loans for these services to its users. True Balance is aiming to serve India 2 and 3 with utility payment and providing financial platform for all. True Balance is aligned with the mission of digital India and focus on providing the rural population an experience for easy and safe utility bill management and payments through use of mobile technology.