Truecaller will allow the bank to use its 150 million customers to transfer money from the UPI or United Payments Interface application of the bank.
The country's largest private lender ICICI Bank has tied up with Truecaller to launch a new UPI-based mobile payment service that will operate from the Truecaller app.
A leading Swedish communication company, Truecaller will allow the bank to use its 150 million customers to transfer money from the UPI or United Payments Interface application of the bank.
Christened ‘Truecaller Pay’, it will allow millions of users of the app in the country to instantly create a UPI ID, send money to any UPI ID or a mobile number registered with the BHIM app. It will also enable users to recharge their mobile number from within the Truecaller app itself, the bank said in a statement.
Abonty Banerjee, Senior General Manager & Head – Digital Channels, ICICI Bank said, “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.”
Nami Zarringhalam, CSO and Co-founder Truecaller said, “As a first stop we will offer peer-to-peer solutions right from your contacts as well as recharge happening naturally from your dialer and SMS app.”
‘Truecaller Pay’ can be accessed conveniently via the ‘Send money through UPI’ tab on Truecaller app’s profile page. All transactions from ‘Truecaller Pay’ will be powered by ICICI Bank following a two factor authentication.
Customers of any bank can instantly start using ‘Truecaller Pay’ with a one-time registration to create a new UPI ID or add an existing ICICI Bank virtual payment address (VPA).
All Truecaller users, including non-ICICI bank account holders can use this feature. However, they will have to create new ICICI Bank UPI ID.
On the completion of the one-time registration, users can instantly send money to any UPI ID or mobile number, browse the recharge plan of various telecom operators and recharge their prepaid mobile or pay their postpaid mobile bills.
Dilip Asbe, Chief Operating Officer, National Payments Corp of India (NPCI), said, “NPCI would like to appreciate ICICI Bank and Truecaller for leveraging state-of-the-art UPI technology for enabling secure payments and bringing out innovative solution for customers. This remarkable development will encourage more large players in the ecosystem to adopt UPI faster.”This makes it the first time when Truecaller forays into financial services.