True Balance, South Korean Mobile Payment Tool, Means Big Money in India
The Indian mobile payments market is one of the biggest on the planet, aside from China. Issues of technology and demonetization make it all but tailor-made for mobile payments. While the cities are ground for increasing numbers of mobile payments firms to fight over market share, the countryside—as is so often the case—went ignored. That was before the arrival of True Balance, a South Korean app that’s making real headway in India by pulling in the ruralites.
True Balance allows users to find a mobile balance and top up mobile credit available as needed. The app has been on hand for four years, however, so there have been some modifications since its launch. It’s stepped up its mobile payments functionality, allowing for not only mobile, but also electric, bills to be paid. It’s even given users access to “pay later” options, which is likely a huge help in the countryside.
The secret to True Balance’s rapid expansion in the market is its dogged focus on India 2 and India 3, names for the country’s second- and third-tier markets. These markets often have comparatively limited access to the internet, which both produces and represents reduced economic power. True Balance also remains operational only in India, and even enlists locals to serve as “digital agents,” helping other, newer users put the app to use. Said agents are then paid in cash back and other benefits, making it a kind of job in places where jobs are scarce.
With all that on its side, it’s easy to see why it’s gained the ground it has. Serving an underserved market is an excellent path to market share, and True Balance is going after parts of India that very few even try. Using locals as outreach agents and paying them accordingly can’t be hurting matters either. Basically, True Balance has an excellent plan to use word of mouth marketing to its utter fullest and it seems to be paying off accordingly.
A plan like this should bear good fruit, and so far, it has. It’s showing no signs of slowing down, either, so we may well see True Balance emerge as a surprise dark horse in the Indian mobile payments market, backed up by one doozy of a grassroots campaign.