True Balance Receives KYC and a New Updated Version
True Balance, India’s leading balance and data management app has successfully completed their KYC registration. This development forms the basis for providing wider services and paves the way for more users logging into True Balance. Upon completing the KYC registration, users will now be able to have ‘unlimited spending money’.
Speaking on receiving the KYC, Mr. Charlie Lee, CEO, True Balance said, “With this new move we are going to offer seamless financial transactions to our users. Our main aim has always been to bring financial freedom to our users and this is a step towards it. With this release our wallet users will have a wider usage of the wallet without worrying about the upper limit of money that can be used. Spending and Transferringmoney just became easier for our users.”
The users can now save unlimited money into their wallet and spend it as well. It also allows the KYC registered users to transfer money to each other with no commission. Targeted mostly towards the financial inclusion of the next billion True Balance had launched its smart wallet in July 2017 after acquiring the PPI license. The smart wallet has now become more lucrative for the users as now the smart wallets could be charged through PG or Netbanking. To further use smart wallet the user only requires 4-digit MPIN which is easy and very convenient and there is no requirement for an OTP or Aadhar Card.
The smart wallet money has no expiration period (but account will be deactivated if not used for 1 year). The wallet will also allow to transfer money to bank accounts with 3% tax which could take a little time but that is something which can be adjusted through the server.
True Balance released the next version 3.16.01 which is next step to our smart wallet. The 3.16.01 updates include saving notification messages and deactivating account upon not using for 1 year that can be activated by logging in again. Users will also be notified with all the new RBI’s regulation.
True Balance aims to bring financial freedom to primarily unbanked users. True Balance gives them a safe, fast and convenient transacting experience while also bringing them under the umbrella of financial inclusion right on their doorstep.
The App, which launched as balance check app has gradually moved into a “utility payment and gift card app. Launched in 2016 by Balancehero, the True Balance app has garnered more than 60 million downloads. The App has also made tracking data usage more convenient where users don’t have to dial the USSD code on the dial pad physically.
About True Balance
In 2016, The mobile application True balance was launched in India to empower the next billion by Mr. Cheolwon Lee (Charlie Lee), an alumnus of the University of Chicago. Lee 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 60 million downloads so far. As of today, True balance is ‘One Stop Payment “solution for all utility bill payments and foresees to provide small loans for these services to its users.
Our Business is focused providing financial services in India 2 and 3 wherein we look at providing “Finance for All”. With our focus on user research, data analytics and the quest to provide simplified UI/UX; we have a user base of 60 Million people majorly from rural India in last 3 years. We are 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. Our immediate next step is to further add funds transfer and small-loans as mainstream products as our next leap.