The Mobile Wallet (tmw) has taken over Trupay, a mobile payments firm based in India, for an undisclosed sum.
Truepay is a UPI and Bharat QR enabled payments platform, offering plug and play payment solutions. The company was backed by M&S Partners Japan and venture capital firm Kae Capital.
The acquisition of Truepay will enable tmw merchants to collect payments using UPI and Bharat QR.
“The combination of UPI, wallet and prepaid card on customer side and QR based solutions for merchants will provide a holistic ecosystem that ensures a secure payment solution for businesses and a seamless experience for customers,” tmw said.
Through the products gained from the deal, TMW aims to reach a merchant base of one million by March 2019.
Commenting on the acquisition, tmw founder and managing director Vinay Kalantri said: “The merchant side payment acceptance infrastructure is lacking significantly in the country. With product suite of TMW and Trupay combined we will be able to offer very cost effective asset lite payment acceptance solutions to merchants.”
Trupay co-founder Rahul Gochhwal added: “Trupay has always been a pioneer in payments technology and combining forces with tmw will help in scaling up even faster in a field which is witnessing hyper growth.”