With Truecaller 8, the company is utilizing its mobile identity platform to build a mobile payment service in partnership with ICICI Bank, India’s leading private-sector bank. Dubbed as ‘Truecaller Pay’, the service was unveiled at a press event in India along with a multitude of other announcements.
Built on the Unified Payments Interface (UPI) for secure mobile payments, Truecaller Pay will allow users to create their unique Virtual Payment Address (VPA) within the app and instantly send or receive money using any UPI-supported bank in India. The service will be available to non-ICICI Bank customers as well. In addition, users can also browse mobile plans of various telecom operators and recharge their prepaid mobile or pay their postpaid mobile bills.
“We are delighted to offer our UPI platform to Truecaller which is one of India’s most widely used mobile application. With this new service, users will get the benefit of making quick and easy payments to any mobile number registered with the BHIM app, thereby enabling them to reach out to a wider section of people. Additionally, users can also undertake payments for utility services such as pre-paid recharges and post-paid mobile bills at the click of a button. We believe this association shall make UPI payments seamless for a larger audience and will also play a crucial role in strengthening the Government’s ‘Digital India’ mission.”
– Abonty Banerjee, Senior General Manager & Head – Digital Channels, ICICI Bank
To pay instantly using Truecaller Pay, all you need to do is open the Truecaller app and tap on Send money through UPI in the profile page. Enter the UPI VPA or mobile number of the receipient, the amount, and then click on Pay. Then enter the UPI PIN to authenticate.
Truecaller asserts that it will not park any money or handle secure data and all the banking and transactional data of the customers is securely handled by ICICI Bank conforming to regulatory guidelines; including two-factor authentication.
While this is Truecaller’s first foray into financial services globally, the partnership will create India’s largest mobile payment platform owing to Truecaller’s 150 million customers in the country.