Bank of Baroda, one of the largest public sector banks in India has announced a tie-up with True Software Scandinavia AB (Truecaller) for enabling digital payments for the users of Truecaller app.
Bank of Baroda is the first public sector bank in India which is going live on Truecaller for enabling Digital Payments using its BHIM Baroda Pay UPI services via APIs.
Truecaller is a Sweden based company founded in 2009. At present, Truecaller has over 150 million users in India.This tie-up will enable UPI payment facility to millions of Truecaller users.
UPI has been generating enormous traction in the past 1 year, from only 30 million transactions last September to 405 million in September 2018.
P.S. Jayakumar, MD and CEO, Bank of Baroda said, “At Bank of Baroda, we are constantly aiming to provide best in class customer experience using top notch technology through variety of new tie-ups. Our BHIM Baroda Pay UPI app is one such initiative. We are happy to provide our UPI services to Truecaller, which is widely used by customers. Users on Truecaller will be able to send money, request money and pay via QR code. Utility bills payment is a very seamless functionality of the app. We are looking for more such collaboration opportunities in future, to offer 100% digital payments solutions for customers at large.”
The partnership allows users of Truecaller app to perform financial transactions instantly. The app provides various useful features like Check Balance, Send Money, Request Money, pay via QR code, pay using IFSC and Bank account number and pay bills.
Users can add any bank account to register on app by entering last six digits of their debit card number and expiry date.Users can also view transaction history, manage account, check pending requests.
The payment receipt can also be shared with Whatsapp contacts instantly. Truecaller app is powered by Bank of Baroda’s strong API management layer which automatically fetches customer details for registration from Bank’s system in a highly secure manner.
Papia Sengupta, Executive Director, Bank of Baroda said, “Bank of Baroda has, state of the art technology for enabling secure payments and bringing out innovative products for our customers. The UPI application of the Bank is highly secure with AES256 encryption level, 2 way SSL certificate and OAuth token service (which is implemented in addition to the first two). This partnership demonstrates Bank of Baroda’s tech ability to integrate its UPI Payment features for providing best in class services to its customers and is capable of processing high volume transactions.”
Sony Joy Head – Truecaller Pay and Financial Services, said, “We are very happy to announce this tie-up with Bank of Baroda for enabling digital payments using their BHIM Baroda Pay UPI app via APIs. Though UPI is performing very well post demonetization, there are still immense opportunities for on-boarding huge customer base in India. At present, we are having more than 15 crore users on Truecaller in India and over 300 tie ups to enable Truecaller Payments. Our aim is to on-board maximum users and popularize UPI services.”