“Post demonetisation, number of digital payment transactions has risen up sharply in India,” commenting Walnut CEO Amit Bhor. “We’re seeing a huge rise in the use of our bill split feature and P2P transactions on Walnut. However, as far as peer-to-peer payments are concerned, we have seen that people still prefer to receive money in their bank accounts rather than wallets. Our partnership with TechProcess allows users to send money from any bank account-to-any card and vice-versa completely free.”
Walnut initiated this strategic partnership with TechProcess to enable over five million of its users to send money instantly to anyone in India, initially using only their debit cards and subsequently bank accounts as well. TechProcess brought together the arrangements and the access required with the major card schemes and banks to help Walnut offer this seamless payments experience.
“At TechProcess, we have been making payments easier for both business and consumers for over 16 years now. Our partnership with Walnut is a step further to help India go cashless,” added Techprocess Payment Services CEO Kumar Karpe. “Not only does Paynimo, our Next Gen digital payments platform enable seamless money transfers for all Walnut users, it is the only aggregated third-party payment solution that enables interoperability that works across major card networks and all banks in India. We look forward to collaborate in the future and launch more products to serve Indian consumers.”
The partnership leverages TechProcess’s Paynimo payment platform and benefits Walnut P2P payment users by eliminating users’ need to remember bank account numbers or IFSC codes or card numbers and expiry dates, with all transactions being completely secure with two factor authentication.