Truecaller Pay mobile payment service launches in India
Earlier today, Truecaller announced the arrival of a mobile payment service. Simply dubbed Truecaller Pay, this service is the result of the company's partnership with ICICI Bank, the market leader in the private sector.
According to ICICI Bank's Abonty Banerjee, "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."
Truecaller Pay will be available to both ICICI Bank customers and non-customers, allowing its users to create a unique Virtual Payment Address within the app and send/receive money using any bank in India that provides support for the service's Unified Payments Interface.
Truecaller will not park money and will not handle secure data, all these being handled by ICICI Bank. The company has over 150 million customers in India at this time, so this service has all the chances to become a major player in the local market.