The digital payments sector is booming with a lot of new innovations and entrants. According to the latest developments, a brand new wallet ‘Udio’ has arrived.
In unison with Ratnakar Bank (RBL), digital payments player TranServ has launched a brand new mobile wallet. The company has also claimed that it is the country’s first social mobile wallet. The news comes close on the heels of FreeCharge launching FreeCharge Go & Paytm launching prepaid cards. FreeCharge had partnered with YES Bank and Paytm partnered with ICICI Bank for the venture. The TranServ offering is also similar to the two products mentioned here. Udio has several value-added features & it comes with a VISA linked prepaid card powered by Ratnakar Bank (RBL). In January last year, RBL tied up with Transerv and iKaaz to launch co-branded wallets. Around the same time, Transerv launched (Shmart!), a digital payments suite for both customers and merchants, where RBL provides a semi-closed loop prepaid account to store funds. Shmart! offered a prepaid reloadable wallet for consumers. It also gave merchants a number of APIs to integrate into their website and have a wallet, through which, it counts over 150 merchants including PayUMoney, as its customers.
The company has been working tirelessly to improve the digital payment ecosystem. Along with simplifying the technology, TranServ has also been pivotal in providing enterprise-driven solutions. If you are looking for a secure and discreet digital payment option, Udio is the answer for you. The VISA card balance is linked to the wallet balance, with the app displaying transaction history, balance etc. The card can be used to carry out transactions at any offline outlets that support VISA cards. Users top up the account via bank transfer, and can withdraw the money back to their banks as well. Currently, there are no fees for bank transfers. For the ones unaware, Udio is actually the rebranding of Shmart! The company has incorporated several new features decked on a brand new interface. Udio can be used for electricity, gas, DTH and mobile payments as well. Other than this, users can gift vouchers to others from various brands like CCD, FastTrack, Myntra, Amazon and Starbucks etc. Like most other wallets, Udio also provides users with offers and discounts etc. The overall transaction limit for the wallet is Rs. 10,000 per month (including the card). “With the Udio app, we are taking the next step in the field of digitally led social payments in India by seamlessly integrating the social aspect with our secure and swift digital solutions,” said Anish Williams, co-founder and chief executive of TranServ.