India-based Korean startup Balance Hero has launched its new mobile wallet service. The startup, which was founded by CEO Charlie Lee, is well known for its True Balance app that has been downloaded by over 50 million users.
The app helps prepaid mobile phone users in India recharge their phones quickly and easily, without having to separately contact their provider. With the new feature, True Balance can now be used like a bank account. Similar to Naver or Kakao Pay, users add money to the account beforehand and then use it to make transactions as needed. Deposits, withdrawals and transfers are all supported, and money in the wallet can even be transferred directly into a real bank account.
Users of the app also get a bonus when they recharge their phone using money in their wallet. Up until now, using a credit card or accumulating enough points from watching ads or inviting friends is how most people recharged their prepaid phones. Going forward, Balance Hero says that using the mobile wallet will make it easier for users to recharge by being able to transfer money with ease.
The company says that it will continue to add more financial features including the ability to pay for different utility bills and also small-scale instant loans.
India is currently in the midst of trying to change into a cashless society and is actively supporting electronic transactions and mobile wallets. The spread of transactions through mobile wallets has been faster than that of credit and debit cards, as well as standard bank account transfers due to the restrictions on transactions and creating accounts.
“The addition of the mobile wallet feature is a signal of change and expansion for our True Balance business from a phone balance charging model into a financial business,” says CEO Lee. “Through the mobile wallet we expect more people to recharge their phones. We plan to develop various products such as microloans for India’s financial service market which is still developing and establish ourselves in India’s rising fintech industry.”