Truecaller Launches Truecaller Pay
Truecaller 8 will partner with ICICI bank, India’s leading private sector bank and utilise its mobile identity platform to build a mobile payment service. The service known as Truecaller Pay will be launched at a press event in India along with many other announcements.
Truecaller Pay is built on the Unified Payments Interface (UPI) securing mobile payments. The users will be able to create a unique Virtual Payment Address (VPA) within the app and instantly send and receive money from any bank in India supporting the Unified Payments Interface.
The Truecaller Pay service is also available to Non-ICICI Bank consumers. The app allows users to browse mobile tariff plans of various operators. The users can recharge and also pay postpaid phone bills via Truecaller Pay.
Using the Truecaller Pay is relatively easy where users need to access the app and tap on Send money through UPI in the profile page. Users can either enter UPI VPA or mobile number of the recipient, the amount and then click on Pay. Later enter the UPI PIN to authenticate.
The Truecaller Pay claims it will not park any money or handle secure data. All banking and transactional data of the consumers is secured with ICICI Bank abiding regulatory guidelines which include two-factor authentication.
It is Truecaller’s first venture into financial services globally. The partnership with ICICI Bank will create India’s largest mobile payment platform as it has 150 million customer base in India.