Upholds cashless economy revolutionizing payment industry, eliminating intermediaries between businesses and customers
Perpetuating the futuristic and simpler mode of payment, Jugnoo announces the integration of Unified Payment Interface (UPI). With this roll out, Jugnoo sends out a strong and profound message that digital transactions are the future of Indian economy. The leading auto-rickshaw aggregator is of the opinion that this integration is aimed at detangling payment complexities for customers who have not yet adapted to payment gateways and wallets. Furthermore, this assimilation is touted to aid in increasing digital transactions, which is currently pegged at a Y-O-Y growth of 40%.
Elucidating on the current digital payment industry scenario, Samar Singla, Founder and CEO, Jugnoo said, “There is a lot of friction in the current digital payment ecosystem. Although slowly and steadily people are getting used to shopping and paying online in India, there still is a vast majority in the country that needs a lot of convincing to accept the benefits of using payment wallets and gateways. The situation is so, largely due to lack of technical knowledge and operational know-hows. Also, there are people who don’t feel comfortable with the idea of transferring money from their bank accounts to digital wallets. Therefore, while through our associations with payment gateways and wallets, we tap users paying digitally, incorporating UPI allows us to tap the wide population who who have not yet adapted to the concept of digital wallets.”
Through this integration, Jugnoo will enable customers to pay for their rides directly through their bank accounts. They can also link their bank accounts with their phone numbers and easily send and receive money from friends. Moreover, with Jugnoo venturing into deliveries, direct integration with bank accounts also eases the daily cash handling, which comes like a boon for the company’s overall operations.
