Wednesday, October 10, 2018

BOB partners Truecaller for UPI payments

Bank of Baroda (BoB) has tied-up with Truecaller to enable digital payments using BHIM Baroda Pay UPI Service.

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(BoB) has tied-up with True computer code Scandinavia — the corporate behind caller-ID app Truecaller — to alter digital payments mistreatment BHIM Baroda Pay UPI Service. 

Truecaller has gone brook its account-to-account payment service, before WhatsApp, because it is absolutely compliant with the Federal Reserve Bank of India’s (RBI’s) knowledge localisation norms.

In terms of the tie-up, people who register for payments beneath the UPI platform through the Truecaller app can get a @barodapay handle — the address for receiving or causing cash from their bank accounts. 

This partnership by Truecaller is additionally to its tie-up with ICICI Bank. Earlier this year, Truecaller had nonheritable fintech app Chillr to urge a footing within the payment house.

BoB head fintech and new business initiatives Akhil Handa aforementioned, “We have gotten in those that are outside of the e- payments system in a very resistance method as several phone users have already got Truecaller app put in.” He additional that this works as a client acquisition strategy for the bank as most of these United Nations agency square measure connexion square measure non-BoB customers.

“Almost five hundredth of consumers imminent board square measure recent to digital payments. this is often the primary time that they're mistreatment UPI and that they try it out,” aforementioned Sony Joy, VP, Truecaller Pay Asian country. Joy was the co-founder of Chillr.

According to Handa, obtaining a client to transfer a brand new app and ensuring that he has use cases to stay participating with the app could be a tall task. 

“In the longer run, we have a tendency to feel that the UPI apps by payment service suppliers are going to be a lot of prosperous which is already being mirrored within the market share,” aforementioned Handa. nowadays seventieth of UPI transactions square measure happening through non-bank apps that embrace PhonePe, Paytm and Google Tez.

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