[caption id="attachment_137363" align="alignright" width="184"] Spendthrift alert 1[/caption] Times Internet Limited (TIL) has launched an Android app called SmartSpends which organises a user’s spends into categories like travel, dining and entertainment etc. It also claims to organise spends by merchants and accounts, and set an automated bill calendar, with the help of algorithms. The app, whose chat interface has been powered by Freshdesk, is free to download and use. TIL claims that SmartSpends will support all Android versions running 4.0 and above. Early last month, we’d reported that TIL was planning to launch this app which would provide users with a know how on where they have spent money, organise spends and send alerts for bills etc. Extracts info from transactional SMSes: The company claims that it does not store bank account details or passwords. It also claims that the app reads only transaction messages from a user’s phone, ignoring the other SMSes. However, it says that it knows the last 4 digits of the user’s credit and debit card, taken from the same transaction SMSes sent by the bank. It claims to identify these SMS alerts and extract amount, merchant and date information from it. [caption id="attachment_137365" align="alignleft" width="196"] Spendthrift alert 2 :P[/caption] SmartSpends currently supports SBI, ICICI, HDFC, Citi, Axis, AmEx, Indus, Kotak, Standard Chartered, HSBC, IDBI and Yes Bank. It also supports telecom providers Vodafone, Airtel, Idea and its own couponing platform Coupondunia, which it is likely sourcing its deals from. Spends and card usage suggestions: Apparently, after…
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