Ever since Unified Payments Interface (UPI) has been launched, online payments have become popular. UPI is a platform that allows transfer of money from one bank account to any other bank account in the country instantly using the UPI ID. It is said to be a safe platform for making a payment as every transaction requires one to enter UPI PIN.
Last year’s demonitisation move has also given a push to various digital payments channel. To tap on this popular mode of payment, many companies (mobile apps) other than banks have joined the bandwagon of digital payments. One such caller identification mobile app is Truecaller that tied up with ICICI Bank last month to enable instant money payments.
We take a look at how Truecaller payment app works for payments
1. Truecaller Pay lets users create their unique Virtual Payment Address (VPA) in the Truecaller app, and can instantly send or receive money using any Unified Payments Interface (UPI) supported bank. In addition, users can also do prepaid and postpaid recharges.
2. For this one needs a smartphone with internet access and an Indian mobile number. Apart from that, to enable your bank account over UPI (Unified Payments Interface), you also need an Indian Bank A/c which is active on UPI and registered against the same mobile number that you used to register on Truecaller Payments
3. Through your UPI linked Bank A/c, you can send money to anyone who has linked his/her bank account to any UPI-enabled app (including Truecaller) by using their UPI ID
4. You can make payments from your linked bank accounts over UPI
5. Truecaller currently allows UPI ID creation, person to person (P2P) payments via UPI, prepaid mobile recharge and postpaid mobile bill payments. Customers can also access their transaction history and see their bank account’s balance via secured bank networks.
6. All payments over Truecaller complete within seconds as it is powered by UPI.
7. To ensure safe payments and unauthorised access, Truecaller has a passcode for payments besides the PIN.
8. Through your UPI linked Bank A/c, you can send money to anyone who has linked his/her bank account to any UPI-enabled app (including Truecaller) by using their UPI ID
9. Mobile number with Truecaller Payments and the one registered with bank account have to be the same as it is a banking network (UPI) requirement. The mobile number which is used to register with Truecaller is used to match the bank accounts linked against it
10. The limits for Person-to-Person (P2P) transfer is Rs 1 lakh per transaction. Also, you cannot transfer more than a cumulative sum of Rs 1 lakh within any 24 hours. You cannot do more than 20 fund-transfers within any 24 hours. For Mobile recharge, the limit is Rs 1,500 per transaction and also, cumulative limit is Rs 1,500 within any 24 hours.
(With inputs from Truecaller’s website)