Truecaller expands its list of offerings; to provide mobile payment service

Truecaller, the Stocklolm-based startup that acts as a repository of the mobile numbers and related details, has expanded its portfolio of offerings in the country, and will now be providing mobile payments services to its customers under the name “Truecaller Pay”. The company has tied up with ICICI bank for the banking payment interface. Users will be able to create their unique virtual payment address (VPA) in the app, and can instantly send or receive money using any unified payments interface supported bank. It is a deliberate effort of the firm to push themselves into the highly competitive, but equally opportunistic digital payments market in the country. After the demonetization drive and the government of India’s push for digital, there has been an ever-increasing competition among the wallet firms, banks and other new players making inroads into the unchartered digital territory.

Additionally, it launched an SMS service similar to its voice call caller-ID in which the application can filter out the spam messages in the inbox helping the customer segregate them better. The company’s CEO and co-founder said that “Spam SMS account for 15% of all SMS messages sent globally, and represents 1.2 trillion spam messages each year. On average, every spam call is about 40 seconds long, so we will help save a lot of time”.