Mypoolin, a social payments application, is looking to double the number of registered users to a lakh by the end of this year as it is betting on a surge in peer-to-peer payments with the unified payments interface (UPI) becoming operational.
“The dynamics of mobile payments are evolving every day. UPI is set to be the game changer in peer-to-peer money transfer,” Ankit Singh, Co-Founder, Mypoolin said. “UPI brings in interoperability, making it easier for users to transfer money from any bank to any bank instantly. And it is free of cost,” he said.
Mypoolin, which is a year-and-a-half old start-up, earlier used mobile wallets to help friends to split bills and make payments. It has more than 50,000 users currently. “However, for high frequency payments such as dining and movies, we saw that users do not use wallets. There were certain challenges – eg, the transaction limit for wallets without KYC was Rs.10,000 a month.” Mypoolin has also enabled UPI payments combined with their Facebook Messenger chatbot.