Techprocess Partners with Walnut for Instant Money Transfer across Country
Walnut, a popular personal finance management application, has partnered with TechProcess Payment Services Ltd. (TPSL) to allow its subscribers to transfer money freely across credit cards, debit cards, and bank accounts.
“Post demonetisation, there has been a sharp increase in a number of digital payment transactions in India. We are seeing a tremendous growth in the utilisation of our P2P transactions and bill split feature on Walnut. However, when it comes to P2P payments, we have seen that individuals still prefer to receive money through their bank accounts instead of wallets. In fact, our partnership with TechProcess will allow people to send money from any bank accounts to any credit or debit cards or from cards to banks completely free.” Walnut CEO Mr Amit Bhor said.
Independent analysts have also supported this partnership saying that the move will benefit both companies and users. It will allow more than 5 million Walnut users to send and receive money instantly from anyone in India using their bank accounts as well as their debit cards. Also, this important partnership which takes advantage of TechProcess’s Paynimo payment platform will bring a lot of benefits to Walnut peer to peer payment users. It will eliminate the need for users to remember their card numbers and expiry dates, IFSC codes or different bank account numbers. It will also support a secure two-factor authentication for all transactions being completed.
“Here at TechProcess, we have been making payments easier for both consumers and business for over several years now. The partnership that we have made with Walnut is, in fact, an improved effort to people across India embraces the need to go cashless,’ the CEO of Techprocess Payment Services Kumar Karpe said.
He also added that TechProcess’s Paynimo payment platform will facilitate seamless money transfers for all users of Walnut’s popular personal finance management app.
“It is the only improved third-party payment platform that enables interoperability that supports all banks and major card networks in India. We are aiming to have more collaboration in the coming months and launch more products and services to serve Indian consumers,” Kumar added.
80% of Americans are not happy with money transfer providers. Billions of dollars are transferred from the United States to other parts of the world but a new study published on finder.com indicates that only 20 percent of American citizens feel happy with their money transfer providers. Most of these people say that they feel ripped off by these money transfer providers.
Based on the World Bank’s total remittance inflows and outflows from 2010 to 2015, finder.com found that around $139 billion was transferred out of the United States in 2016 alone and a projected 145.56 billion will be transferred out of the country in 2017.
The survey, which was commissioned by finder.com but carried out by global research provider pureprofile.com, involved the interviewing of 2,005 American adults. The study found that an estimated 80 percent of these people felt ripped off by their money transfer providers. 25% of the respondents revealed that they normally do nothing about it and calls in the same money transfer provider whenever they are in need.