The popular Indian bank called Bank of Baroda has partnered with True Software Scandinavia, which is the parent company of the caller-ID app Truecaller. This move has been taken to enable digital payments using BHIM Baroda Pay UPI Service.
Following the deal, those who register for payments under the UPI platform through the Truecaller app will get a @barodapay handle. This will be the address for receiving or sending money from their bank accounts.
“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,” BoB head fintech and new business initiatives Akhil Handa said.
With this, Truecaller has launched its account-to-account payment service before Whatsapp. Truecaller’s service is fully compliant with the Reserve Bank of India’s (RBI’s) data localisation norms and thus, did not face any objections.
Truecaller had also acquired fintech app Chillr to get dominance in the payment space earlier this year. The major task is to get customer to download a new app and making sure that he has use cases to keep engaging with the app.