ICICI Bank partners with Truecaller to launch a UPI based mobile payment service
March 28, 2017
- Integrates Unified Payments Interface (UPI) in Truecaller app; available to 150 million customers of Truecaller app
- Any user, including non ICICI Bank customers can send money from the app
- First bank globally to associate with Truecaller in their foray into financial services
Mumbai/New Delhi: ICICI Bank, India’s largest private sector bank by consolidated assets today announced its partnership with Truecaller, a leading Swedish communication company and India’s third most used app to power a new UPI based mobile payment service. 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.
This partnership makes the Truecaller-ICICI Bank platform among India’s largest mobile payment platform with 150 million customers of the app gaining access for UPI based payments. Any user of Truecaller app, including non-ICICI Bank customers can link their bank account of any bank (participating in UPI) to create a UPI id and instantly make payments in a safe and secure manner
ICICI Bank is the first bank globally to partner with Truecaller in their maiden foray into the financial payments services space.
Abonty Banerjee, Senior General Manager & Head – Digital Channels, ICICI Bank said, “At ICICI Bank, we always aim to be at the fore-front of creating path-breaking solutions to leverage on emerging technologies. In keeping with this legacy, the Bank played a pivotal role in conceptualising UPI as an initiative along with NPCI and was the first bank to introduce UPI in its mobile app. We are delighted to offer our UPI platform to Truecaller which is one of India’s most widely used mobile application. 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. We believe this association shall make UPI payments seamless for a larger audience and will also play a crucial role in strengthening the Government's 'Digital India' mission.”
Nami Zarringhalam, CSO and Co-founder Truecaller said, “We are very excited to launch Truecaller Pay together with ICICI Bank and 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. For close to a decade now, we have reiterated the immense benefits of mobile identity and how it really opens the world of opportunities. Our focus throughout has been to solve daily life problems of our users and in current context, it has been our users’ expectation for us to bring forth a secure and easy to use payment option that could be integrated within their most used app. As our users in India on board digitally and benefit from our platform, we also want to contribute to the country’s mission of going cashless.”
Mr. Dilip Asbe, Chief Operating Officer, NPCI said, “NPCI would like to appreciate ICICI Bank and Truecaller for leveraging state-of-the-art UPI technology for enabling secure payments and brining out innovative solution for customers. This remarkable development will encourage more large players in the ecosystem to adopt UPI faster.”
‘Truecaller Pay’ can be accessed conveniently via the ‘Send money through UPI’ tab on Truecaller app’s profile page. The service comes with best-in-class security features from ICICI Bank. All transactions of ‘Truecaller Pay’ powered by ICICI Bank follow two factor authentication as per RBI guidelines for secure transfer of money. All sensitive data relating to account details, card details information of users as well as transfer of monies will be securely handled and stored in the state-of-the-art servers of ICICI Bank in line with NPCI and RBI guidelines.
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 VPA seamlessly. 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.
Pay instantly using Truecaller Pay in three simple steps:
- 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
To know more, visit https://www.icicibank.com/truecallerpay
The partnership with Truecaller comes close on the heels of a slew of technology-led innovative initiatives and services by ICICI Bank recently to accelerate digital transactions in the country. These include the announcement of the creation of ‘100 Digital Villages’ in as many days, launch of ‘Eazypay‘ – India’s first mobile app for merchants to accept payments from various digital modes. The Bank is among the front- runners in deployment of UPI in the country. UPI is available on its two mobile banking applications, ‘iMobile‘ and ‘Pockets‘. It has also announced a host of merchant partnerships to further enhance the usage of UPI in the country.
The Bank services its large customer base through a multi-channel delivery network of 4504 branches, 14146 ATMs, call center, internet banking (www.icicibank.com), mobile banking and social media banking (as at December 31, 2016).
About ICICI Bank: ICICI Bank Ltd (NYSE:IBN) is India’s largest private sector bank by consolidated assets. The Bank’s consolidated total assets stood at US$ 144.7 billion at September 30, 2016. ICICI Bank's subsidiaries include India's leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms. It is present across 17 countries, including India.
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About Truecaller: People use Truecaller to stay ahead. It helps them know who’s getting in touch, filter out unwanted and focus on what really matters. The company provides a suite of unique services such as a dialer that offers caller ID, spam detection, messaging and more. Truecaller’s mission is to build trust everywhere by making communication safe and efficient. Headquartered in Stockholm, Sweden, the company was founded in 2009 by Alan Mamedi and Nami Zarringhalam. Investors include Sequoia Capital, Atomico and Kleiner Perkins Caufield Byers.
About NPCI: National Payments Corporation of India (NPCI) was set up in 2009 as the central infrastructure for various retail payment systems in India and was envisaged by the Reserve Bank of India (RBI) as the payment utility for all banks in the country. Unified Payments Interface (UPI) is a unique payment solution as the recipient is now empowered to initiate the payment request from a smartphone. It facilitates “virtual address” as a payment identifier for sending and collecting money and works on single click 2 factor authentication. The interface is the advanced version of NPCIs Immediate Payment Service (IMPS) which is a 24*7 funds transfer service. Visit: www.npci.org.in
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