ICICI Bank partners with Truecaller to launch payment service app 'Truecaller Pay'

ICICI Bank in partnership with Truecaller has launched 'Truecaller Pay' app in New Delhi on Tuesday.

ICICI Bank Head Digital Channels Abonty Banerjee (R) with Truecaller CSO & Co-founder Nami Zarringhalam (L) during launch of the UPI based mobile payment service 'Truecaller Pay' in New Delhi on March 28, 2017. Image Source: ICICI Bank

Highlights:

1. 'Truecaller Pay' service will allow millions of users of the app in the country to instantly create a Unified Payments Interface (UPI) id, send money to any UPI id or a mobile number registered with the BHIM app
2. Any user including non-ICICI Bank customer can send money through the 'Truecaller Pay' app

3. If user wish to transfer money through his 'Truecaller Pay', he has to do a one-time registration to create a new UPI id or has to add an existing ICICI Bank virtual payment address (VPA)

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With an aim to provide quick and easy payment methods to mobile phone users in India, homegrown private sector bank ICICI Bank on Tuesday in partnership with Truecaller has introduced UPI-based mobile payment service called 'Truecaller Pay' in New Delhi.

'Truecaller Pay' service will allow millions of users of the app in the country to instantly create a Unified Payments Interface (UPI) id, send money to any UPI id or a mobile number registered with the BHIM app, cited ICICI Bank in a press release.

Besides, it will also enable users to recharge their mobile number from within the Truecaller app itself.

“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 said.

ICICI Bank has claimed that it is the first bank in the world to have partnered with Truecaller in their foray into the financial payments services space.

"@ICICIBank is the first bank globally to associate with @Truecaller in their maiden foray into financial services," ICICI Bank said on Twitter.

.@ICICIBank is the first bank globally to associate with @Truecaller in their maiden foray into financial services. pic.twitter.com/hu5HPYD3Ca

— ICICI Bank (@ICICIBank) March 28, 2017

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Truecaller is a communication company headquartered in Stockholm in Sweden and was founded in 2009 by Alan Mamedi and Nami Zarringhalam.

"The partnership aims to accelerate digital transactions in the country like other recent technology-led initiatives by ICICI Bank," cited the bank on Twitter.

The partnership aims to accelerate digital transactions in the country like other recent technology-led initiatives by @ICICIBank! pic.twitter.com/X0zCkQEaZw

— ICICI Bank (@ICICIBank) March 28, 2017

‘Truecaller Pay’ can be accessed conveniently via the ‘Send money through UPI’ tab on Truecaller app’s profile page.

‘Truecaller Pay’ can be accessed conveniently via the ‘Send money through UPI’ tab on @Truecaller app’s profile page.

— ICICI Bank (@ICICIBank) March 28, 2017

All transactions of ‘Truecaller Pay’ powered by ICICI Bank follow two factor authentication as per the Reserve Bank of India (RBI) guidelines for secure transfer of money, cited the bank.

Any user including non-ICICI Bank customers can send money through the 'Truecaller Pay' app.

If customers wish to transfer money through 'Truecaller Pay', they have to do a one-time registration to create a new UPI id or have to add an existing ICICI Bank virtual payment address (VPA).

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.

Here are three simple steps through which you can pay money instantly via 'Truecaller Pay':

1. Download/open Truecaller app. Tap on ‘Send money through UPI’ in the profile page

2. Enter UPI id /mobile number of the recipient and amount > Click on ‘Pay’

3. Enter UPI PIN to authenticate