Truecaller has added a new feature in the Truecaller Pay app that allows users to request money from other Truecaller users. You just need to send a direct payment request to other Truecaller user via Android notifications in order to request money.
The receiver on the other end can tap on the notification and make payments after entering their registered MPIN when prompted.
Other than facilitating end-to-end transactions, Truecaller Pay also allows the user to create shareable links that the user can share via an SMS, email, messaging apps or posted on a website to receive payments from other users.
On clicking the link, the user who wants to transfer funds will be directed to the Truecaller app where the requested payment can be completed in an instant manner.
A Quick Intro To Truecaller and Truecaller Pay:
Truecaller is an app that finds contact details globally given name or telephone number, and has an integrated caller ID service to achieve call-blocking functionality and social media integration to keep the phonebook up-to-date with pictures and birthdays.
The data is crowd-sourced from the millions of users who have downloaded the Truecaller app on their smart phones. As part of the end user agreement, the Truecaller app asks the user to allow access to the user’s address book/contacts on the smart phone. This data is then uploaded by the app to the company’s servers.
Truecaller introduced its Truecaller Pay service earlier this year shortly after Government of India’s Demonetization policy was amended and motivated people to use digital payment methods to transfer small and medium funds.
Just like other digital payment services, Truecaller Pay app uses Unified Payment Interface (UPI) protocol that allows users to create their own Virtual Payment Address (VPA) to send and receive payments through their linked bank account.
With Truecaller Pay being introduced, the company wants to expand its user base which is about to hit 100 million mark very soon.