Mypoolin launches UPI-based money transfer using mobile number

Mypoolin launches UPI-based money transfer using mobile number
* To push UPI-based payments, social payments app Mypoolin has launched a new service to enable consumers to transfer money to another person’s bank account using mobile number.
UPI (Unified Payment Interface) allows consumers to transfer money from one bank to another using a virtual address. There is no need of account number, IFSC code or MMID to carry out the transfer, which is expected to drive mass adoption of the technology.
Users can select the contact (mobile number) from their address book inside the app and send money. The recipient gets a message to download the app and either furnish details like account number and IFSC code or register with UPI to get the money over IMPS, a release said.
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Mahindra, IBM to develop blockchain solution * Mahindra Group and IBM today said the companies will develop a blockchain solution in a bid to reinvent supply chain finance across India by enhancing security, transparency and operational processes.
The cloud-based application, one of the first projects of its kind in India outside of traditional banking, is designed to transform supplier-to-manufacturer trade finance transactions through a permissioned distributed ledger, a statement said.
The blockchain-based supply chain finance solution will enable all parties involved in the transaction to act on the same shared ledger, with each party updating only their part of the process, ensuring efficiency, consistency, trust and transparency, while safeguarding sensitive information, it added.
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CoutLoot gets $40,000 credit points from Facebook * CoutLoot, an online fashion platform, today said it has been selected for Facebook’s developer-focused FbStart programme and has received USD 40,000 worth of credits and services from Facebook and various other platforms.
Launched last year, FbStart programme helps developers grow their startups by leveraging tools and services, worldwide events, and opportunities to engage with the Facebook team. (MORE) PTI SR