Community neobank Dvara Money has partnered with Y Combinator-backed API banking platform Decentro to launch instant UPI solutions for its customers. Through this partnership, consumers who open a “Spark Account” as part of the Spark Money platform offered by Dvara Money will get instant access to UPI capabilities which they can use to make/receive payments instantly. With access to UPI, Spark Account holders will now have Spark Card, micro-savings in Gold, UPI, and IMPS all bundled together into the account. This provides the flexibility of managing their earnings, savings, and expenses in a single account. The partnership will accelerate financial access for the unserved and underserved segment of various communities in the economy.
“Dvara Money operates in communities where they have limited access to financial wellness advisory and services. Our partnership with Decentro will empower and encourage our customers to use digital payment methods for day-to-day financial transactions in a safe and secure environment. Using simplicity in design, we plan on bringing more and more of these communities from cash to digital transactions. UPI access, as part of Spark Account, provides our customers’ convenience, transparency, and flexibility to transact digitally.” said Pramod Ghorpade, MD & CEO of Dvara Money.
“The need to educate the masses about financial wellness is key to untapping the immense potential that India harbours as a digital economy. This is the space where players like Dvara Money, can establish, expand, educate and provide FinTech solutions. With our easy to integrate and plug-&-play banking and payments infrastructure, we at Decentro are committed to enabling Dvara’s vision of financial access for all. Our resolve to enable FinTech players like Dvara Money through our solution suite has led us to reach over 10 million API transactions monthly on average, across our customers. This is a number that we plan exponentially, and super charge our customers.” said Rohit Taneja, Founder & CEO of Decentro.
Spark Money aims to be a way of life for the 300 million gig economy workforce by offering an all-in-one account that has been witnessing 100% month-on-month growth since its launch. Spark Money provides a simple, secure and trusted platform that leverages data science, behavioural science, and technologies to deliver a tailored financial offering for the Urban Bharat.
Decentro is a full-stack API banking platform. It is a one-stop platform where customers can integrate with desired banking APIs and go live within a few days.