Customers with a Spark Account will get instant access to UPI Payments
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 PramodGhorpade, 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 RohitTaneja, 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.
Dvara Money is a community neobank that offersfinancial products to the needy and the financially excluded by leveraging technology and deep customer insights. It offers personalized nudges created based on data-driven behavioural science pushed to the customers at the correct time to help customers. Using ‘Spark Money’, a mobile platform, the company weaves together a customized bouquet of financial products across savings, loans, insurance, investments, and tax, helping chart a path towards financial wellness for customers in a user-friendly manner.
Dvara Money is a portfolio company of Dvara Holdings (formerly Dvara Trust) and part of the Dvara Venture Studio cohort that supports entrepreneurs working towards large-scale systemic change in financial inclusion. Dvara Holdings has been pioneering initiatives that have impacted the financial lives of millions of low-income households in India through policy research and investing in/supporting commercial efforts where there is a significant market gap.
With the aim to enable businesses through automated APIs, Decentro is a full-stack platform that allows users to select the desired modules, play in the sandbox and launch the product with the APIs, in a record time. The offerings by Decentro ranging from KYC and Onboarding, Accounts, Payments, Cards APIs and much more have been relentlessly empowering over 250+ companies across FinTech and Banking space. The simple plug-and-play APIs allow the users to witness the potential of a frictionless flow of money and financial data, in a simple format with the highest degree of automation.