1. Post-launch of Reliance Jio, Truecaller logs 50% jump in user base, CEO Alan Mamedi says ‘Will turn profitable by end-2017’

Post-launch of Reliance Jio, Truecaller logs 50% jump in user base, CEO Alan Mamedi says ‘Will turn profitable by end-2017’

Hoping to reach out to a larger set of consumers making digital transactions, ICICI Bank has teamed up with Truecaller, the caller-identification app, which has a user base of 150 million.

By: | Published: March 29, 2017 3:39 AM
Abonty Banerjee (right), senior general manager and head of digital channels, ICICI Bank, with Nami Zarringhalam, chief strategy officer and co-founder, Truecaller, in New Delhi on Tuesday.

Hoping to reach out to a larger set of consumers making digital transactions, ICICI Bank has teamed up with Truecaller, the caller-identification app, which has a user base of 150 million. The lender will enable a Unified Payments Interface (UPI)-based payment feature on Truecaller. “The idea is to give those consumers who don’t bank with us an experience of transaction with the bank,” Abonty Banerjee, senior general manager and head of digital channels, had told FE earlier. The facility will be called ‘Truecaller Pay’. The tie-up will enable all users of the Truecaller app to link their account with any bank to create a UPI ID and make payments, thus connecting ICICI Bank to a larger universe of consumers transacting digitally.

“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. We believe this association would make UPI payments seamless for a larger audience and will also play a crucial role in strengthening the government’s ‘Digital India’ mission,” Banerjee said.

All transactions made through the facility will adhere to the Reserve Bank of India’s two-factor authentication norm for secure transfer of money. Nami Zarringhalam, chief strategy officer and co-founder, Truecaller, said, “Our focus throughout has been to solve daily life problems of our users and in current context, it has been our users’ expectation for us to bring forth a secure and easy-to-use payment option that could be integrated within their most-used app.

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As our users in India on board digitally and benefit from our platform, we also want to contribute to the country’s mission of going cashless.” ICICI Bank’s own mobile app, Pockets, had seen 5 million downloads in the first year since its launch — between February 2015 and January 2016, 80% of the app’s users did not have any prior banking relationship with ICICI, Banerjee had said.

“We wanted the customer to get an instant product, something that would instantly activate him on digital channels without the need to do something like physically visiting the bank and so on. In a few seconds, you can open a Pockets wallet account and upgrade later to a full-fledged bank account. So, the idea was to give the customer the convenience of banking and allow him to have a relationship with the biggest private-sector bank instantly,” Banerjee said.

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