Public lender Bank of Baroda (BoB) has partnered with True Software Scandinavia- the company behind caller-ID app Truecaller, to boost implementation of e-payments using BHIM Baroda Pay Unified Payments Interface (UPI) Service.
Prior to Facebook backed messaging App WhatsApp, Truecaller has initiated its account-to-account payment service, in completed adherence to the Reserve Bank of India’s (RBI’s) data localisation norms.
As per the partnership, those who register themselves for payments under the UPI platform through the Truecaller app will get an exclusive barodapay handle. This handle will allow them in receiving or sending money from their bank accounts. In a bid to get a strong foothold in the payment space, Truecaller acquired fintech app Chillr earlier this year. It also tied-up with private lender ICICI Bank.
“We are getting in people who have been outside of the e-payments system in a frictionless way as many phone users already have Truecaller app installed,” Akhil Handa, said Head fintech and new business initiatives, Bank of Baroda.
This initiative is a part of bank’s customer acquisition strategy as most of those who are joining are non-BoB customers, he added.
“Almost 50 percent of customers coming on board are fresh to digital payments. This is the first time that they are using UPI and they are trying it out,” said Sony Joy, VP, Truecaller Pay India. Joy was the co-founder of Chillr.