True Balance has now introduced a new ‘True Pay Later' feature allowing users to pay their electricity bills, mobile bills, and DTH recharges in two payments. With this feature, the user can pay a service fee first, and the balance within a period of 14 days. The credit is given on payment of all bills and recharges, except for Gift Card purchases. With this new feature, True Balance looks to tap customers who are unable to pay the whole amount of their monthly bills at once. The service also announced that it now enjoys 70 million users, and serves 8,000 to 10,000 transactions daily. The app is currently only available on Android.
Explaining how the True Pay Later service works, the company says that the new feature allows users to pay bills by paying a nominal service fee in the beginning, and the rest within 14 days. This feature is available on all transactions like prepaid recharges, postpaid payments, Gas, Electricity, and DTH except Gift Card. To use this service, head to the 'Recharge Tab' in the app >Select a service you would like to avail >Enter the amount >Choose your option as Pay Later and tap on Pay > Select the Payment method to make your first payment.
You can pay the due amount manually, and if the manual payment option is not opted for, the payment will be automatically debited from the wallet, Gift Card or free point on the due date. A penalty fee of 1 percent will be charged daily if you fail to make payment on the scheduled date. True Balance calculates the user's credit limit based on the user's past transactions, and uses a unique credit scoring system to determine the repayment capabilities of its customers. A new user will probably not be able to use this feature initially. The company also notes that promo codes will not be applicable if the user opts for the Pay Later option.
“True Balance is a financial platform that we are building for the next billion unbanked users who are predominantly feature phone users. All our services are meant to empower Indians beyond just the metros and create greater financial inclusion. We recently launched the UPI service for our 70 million users, and now we are delighted to introduce this new fin-tech service ‘True Pay Later'. This will hugely benefit those users who cannot afford to pay the complete amount in one go. We are currently having 8000 - 10000 transactions daily and we are sure these numbers will increase rapidly. Freshly infused Indian capital from India's leading Private bank has also strengthened our new fintech services in India in 2019 and will reinforce our mobile payment services to provide a complete fintech platform for the Next Billion Indian users,” said Charlie Lee, CEO, True Balance.
Editor's note: True Balance has updated its 5 percent service fee since the publication of this article, saying it will charge on a per customer basis.