ICICI Bank partners with Truecaller to launch UPI based mobile payment service

Truecaller also announced that a strategic agreement to integrate Google Duo, a video calling service, within the Truecaller app.

Truecaller today at its first "Stay Ahead" event announced its largest ever brand and product transformation. The popular service, which first started as a way to help you identify unknown callers, is now spreading its wings beyond being your complementary phonebook and voice call app.

The company touts high quality video calling service through Truecaller with the addition of Google Duo.

Any user including non-ICICI Bank customers can send money through the "Truecaller Pay" app.

Swedish startup Truecaller has become the newest entrant in India's busy digital payments space, via a tie-up with ICICI Bank Ltd. to offer a local mobile-payments service. How to manage privacy issues to the satisfaction of their users as well as those who do not have the Truecaller app installed on their phones, could be a challenge for the company.


India is Truecaller's largest market by a significant margin, and the spam call detection service is now launching a series of initiatives aimed specifically at Indian consumers.

"With this Truecaller integration, we're able to bring a better video calling experience to millions of new users", Amit concludes. Truecaller users will be able to create their unique Virtual Payment Address (VPA) in the app, and can instantly send or receive money using any Unified Payments Interface (UPI) supported bank. This new feature of Truecaller automatically identifies and blocks spam messages. There's also a new flash messaging feature which lets people quickly send pre-defined texts or emoji to contacts when they're in a hurry or in distress. The company told TechCrunch it'll keep an eye on how these features are received before it rolls them out in other markets with major potential, such as Kenya and Nigeria.

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". It will also enable users to recharge their mobile number from within the Truecaller app itself, the bank said in a statement. Zarringhalam also confirmed that the video calling feature would comply with the safest and the most efficient experience technologically possible.

A recent report from IDC indicated that over 1 billion phone users in India still use a feature phone, which means that this could be a great opportunity for TrueCaller to register its presence.


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