ICICI Bank Partners With Truecaller to Launch a UPI Based Mobile Payment Service
Integrates Unified Payments Interface (UPI) in Truecaller app; available to 150 million customers of Truecaller app
ICICI Bank, India’s largest private sector bank by consolidated assets, 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 GM and 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.”
Dilip Asbe, COO, 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.
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