Instamojo CEO Sampad Swain has informed that they are rolling out this service in batches and have currently launched it for select merchants in an alpha mode, with plans to complete the entire roll out by the end of September 2016, indiatimes.com reports. The Blume Ventures and Kalaari Capital-backed Instamojo claims to have a customer base growing by 20% on a monthly basis.
UPI is a payment platform that was recently launched by the Reserve Bank of India backed National Payments Corporation of India (NPCI). It allows users to create a virtual payment address to transfer money and make payments from their mobile phones on a real-time basis. So far, 23 banks have signed up for it and 21 banks are live on the platform.
However, Swain has noted that businesses cannot rely on UPI as a standalone platform, since it only facilitates transactions between bank accounts whereas businesses would typically need ecommerce enablement tools like order management, reconciliation, refund management, customer support and risk management, besides accommodating other modes of payment like credit cards, the source cites.
Recently, Tiger Global-backed online payments platform Razorpay had also introduced support for UPI, enabling customers of Razorpays merchants to make online payments via the UPI platform.
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