- Partnership with BBPS will enable True Balance to become ‘One Stop Shop’ enabling quick mobile recharges and utility bill payments like electricity, gas, telephone and direct-to-home (DTH) television service
- True Balance to gain access to all BBPS registered users including 52 Electricity boards, 8 Gas billers, and 6 DTH billers
Mumbai, 18th June 2018, – True Balance, a Digital Wallet and Financial Services Platform has announced a tie-up with Bharat Bill payment system (BBPS), an RBI conceptualized system, to facilitate quick and easy bill payments. Partnership with BBPS will enable users to reap maximum benefits while making payments as well as gain an added advantage of True Balance features like Rate cutters, Smart alerts, and One Tap Recharge.
The BBPS is a centralized bill payment system that allows users to use a single website or outlet to make multiple payments which may be repetitive like monthly mobile phone, gas and electricity bills. It offers interoperable and accessible bill payment service to customers, through a network of agents which can provide instant confirmation of payments.
Last month True Balance also added DTH bill payment services to its portfolio. With the integration of BBPS, the platform will cover all BBPS registered users including 52 Electricity boards, 8 Gas billers, and 6 DTH billers.
Commenting on the development, Mr. Charlie Lee, CEO, True Balance said- “We are committed towards our goal of extending financial inclusion to the next billion Indian users and reducing the digital divide in the country. An integration with BBPS will allow us to bring basic Fintech services within the reach of every Indian. We are now a holistic payments app which offers efficient, cost-effective and secure payments to all our 50 million user base.”
Launched in 2014 by Balance Hero, True Balance app covers bill management and payment of prepaid and postpaid services in India over 10 networks across 22 circles. The platform also offers mobile wallet and utility bill payment services. Apart from providing a simplistic and time-saving bill pay experience, True Balance app also offers its users exciting cashback and membership options, instant payment alerts, refunds and installment payment plans.
About True Balance
True Balance, India’s leading balance, and data management app is a blend of a Korean and Indian workforce. The mobile application was launched in September 2014 by Mr. Lee, an alumnus of the University of Chicago. He came to India in 2002 and led the India business for Real Networks, being instrumental in launching the concept of hello tunes. He then ventured into launching True Balance in India to enable seamless mobile bill recharges; which has garnered more than 50 million downloads so far.
The app covers bill management and payment of prepaid (10 networks across 22 circles) and Postpaid (Idea, Airtel, and Vodafone) services in India. Adding to these services, True Balance has also launched its Mobile Wallet and looks to foray into overall Utility payments.
The company has ensured best quality services when it comes to features like recharging, balance check, and holistic postpaid bill management. True Balance was also selected in the App Starter Kit (collection of most used apps in the country) on the Play Store and has ranked No. 1 in the lifestyle app category.
About Balance Hero
Balance Hero is a startup founded in 2014 by Cheol-won (Charlie) Lee who successfully led “Wider Than” and” Access Mobile” in the past. In 2014, the company launched True Balance, an app that allows users to check and track their call expenses and data balance. True Balance has successfully completed Series A and Series B funding rounds which showcases its growth potential. Beginning with providing a solution to efficiently manage mobile usage in low-bandwidth countries such as India, the company is committed to creating a world where users can communicate freely with each other at a reasonable cost.