ICICI Bank and Truecaller are integrating Unified Payments Interface (UPI) payments via a tab on the app called Truecaller Pay. With this, Truecaller users will be able to create UPI virtual payment addresses (VPA) and recharge mobile number from the app itself. Note that all the banking and transaction data of the customers is handled by ICICI Bank as per RBI guidelines, and Truecaller will not handle data such as account details, or credit or debit card information of its users.
Note that Truecaller is one of the most widely used mobile apps in India with over 150 million users.
The bank said that to launch the service users need to:
– Download/open Truecaller app. Tap on ‘Send money through UPI’ in the profile page
– Enter UPI ID/mobile number of the recipient and amount > Click on ‘Pay’
– Enter UPI PIN to authenticate
When we tried a test transaction, Truecaller Pay was still not available on the app. Gadgets360, however, notes that the payment service will be available on Truecaller 8 for Android.
As with any UPI app, customers do not need an ICICI Bank account for UPI transactions. Banks, however, need to be part of the UPI so that they can link their account to Truecaller Pay. They can create a new UPI id or add an existing ICICI Bank VPA.
Note that this isn’t the fist time Truecaller has tried dipping into financial services. MobiKwik and Truecaller had partnered last year. Truecaller only worked as an identity proof for wallets meaning that Truecaller users get an account on MobiKwik just by virtue of being on Truecaller. However, it didn’t have features to initiate payments within the app itself.
Earlier this month, ICICI Bank launched a mobile banking app focused on rural consumers called Mera iMobile. It allows users to make fund transfers, including with UPI option, in 11 Indian languages. The app works in Hindi, Marathi, Gujarati, Tamil, Telugu, Kannada, Malayalam, Bengali, Odia, Assamese and Punjabi.