Public lender Bank of Baroda (BoB) has joined hands with True Software Scandinavia to enable implementation of digital payments using BHIM Baroda Pay Unified Payments Interface (UPI) Service.
True Software Scandinavia is the company behind caller-ID app Truecaller. Ahead of Facebook backed WhatsApp, Truecaller has started its account-to-account payment service, in adherence to the Reserve Bank of India’s (RBI’s) data localisation norms.
As far as the partnership is concerned, those who register for payments under the UPI platform through the Truecaller app will receive a barodapay handle. This will be the address for receiving or sending money from their bank accounts. Truecaller also tied-up with ICICI Bank. To get a foothold in the payment space, earlier this year, Truecaller acquired fintech app Chillr.
“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 the 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.