True Balance, a balance and data management app, has launched digital gift cards for use in mobile phones for those unbanked users who do not have a bank account for their daily transactions or are averse to sharing private bank account details every time they pay their bills.
Targeted mostly towards the financial inclusion of the next billion mobile users in semi-urban and rural regions, these gift card provides a fast, secure and convenient option for unbanked users to recharge and pay bills on the True Balance app which is a single interactive interface. It is particularly relevant in India today, where bank-related frauds are on a high.
“By launching this Gift Card feature along with the other mobile and utility bill payment support, we aim to bring financial freedom to our primarily unbanked users. This would give them a safe, fast and convenient transacting experience while also bringing them under the umbrella of financial inclusion right on their doorsteps. With this launch we aim to connect the last mile,” said Charlie Lee, CEO, True Balance while speaking at the launch of the Gift Card.
At present, around two billion people across the world are unbanked users. India currently has around 20 per cent of the world’s unbanked population.
A user will have to install the True Balance App on his smartphone after which you can enter the serial number of the Gift Card on your phone. Once that is done, you receive points that can be used just like cash to go about your transactions. If you are a non-KYC user and haven’t linked all your monetary accounts, then rather than worrying about your monthly digital-wallet limit, you can just use this Gift card to transact within the ecosystem of the App. There is no limit to the amount you can add to your Gift Card and being transferable, you can also gift the gift card to loved ones.
Gift cards have been outlined in different designs for special occasions and are available in retail outlets. Apart from this, users can also get a cash back by referring other users. True Balance is currently available to both Prepaid and Post-paid users.