Walnut, a personal finance management app, has added new features such as bill split over chat and real time P2P (peer to peer) money transfer to bank accounts using just debit cards.
The new facilities, which are being offered in collaboration with Visa and ICICI Bank, eliminate the need to remember and exchange account numbers and IFSC codes, according to the company.
In order to facilitate P2P money transfer to eligible Visa accounts, Walnut uses Visa APIs and ICICI Bank payment gateway.
The facility allows customers to transfer funds using any bank’s Visa debit cards; however, all transactions are processed through ICICI Bank.
The company believes that the new will make it convenient for millions of debit card users in India to transfer money and move to cashless payments.
Walnut CEO Amit Bhor said: “We have introduced Bill split and P2P money transfer in Walnut, seeing a need to manage shared expenses. Young professionals and college students travel to different cities and live with roommates and friends.
“Managing shared expenses and quick money transfer is a task critical for them, but it is time consuming. The new Bill split and pay features make the experience fast and simple, eliminating the friction around paying friends.
“As part of this collaboration with Visa and ICICI Bank, we have also innovated on a simple and secure way to pay credit card bills. By partnering with key players in the financial ecosystem such as Visa and ICICI Bank, we plan to bring more useful innovations to our 1.5M+ users.”