Thanks for suggesting UPI as a payment method. We’re looking into UPI, and would like to know your thoughts on how you’d like Splitwise to support UPI:
- Integrate with a UPI app like BHIM or PhonePe
- Integrate with your banking app
- Let you send money to a virtual address, phone #, or IFSC from within Splitwise
- Something else?
Please let us know in the comments!
We’re now integrated with Paytm on Android! Check out our blog post about it here: https://blog.splitwise.com/2017/05/23/announcing-a-splitwise-paytm-integration-for-android/Sagar Indran commented
you can ask all users to register their bank account numbers to which they want the money to be credited. then allow users to make payment using methods like netbanking, debit cards, credit cards, PayPal, paytm, payumoney etc. then you can either use the transaction services like visa and mastercard to credit it to the beneficiary's account but this would require you to pay some charges to the transaction services company.
second option is that you can get it transferred to your own account and then credit it to the beneficiary in 24 hrs, this would make sure that you don't have to pay to any transaction services (as the transaction will be facilitated by the banks) and the brightest part is that you can earn an interest of one day on every transaction made. now this will hit your bottom line and also please your customers with cashless settlements. combine this with a currency exchange rate payment facility and there you have a great product.