Truecaller Set To Tap To Indian Financial Spectrum.
BENGALURU: Sweden-headquartered caller identification application Truecaller is all set to expand its product portfolio and tap into the full spectrum of financial services in India, mainly leveraging the acquisition of instant messaging application Chillr.
While the company had already laid out initial plans to start lending just after the acquisition, Chillr founder Sony Joy, who has become the vice-president of Truecaller Pay, said that pilot testing is set to start and by May, the company would be able to launch the product.
Beyond financial services, Truecaller intends to become a fullstack platform to offer an all-encompassing consumer journey from origination to payments.
“We were deeply integrated with more than 300 applications which allowed consumers to check in using Truecaller credentials. Now, we are also piloting with a few apps to introduce payments as well using Truecaller Pay,” said Joy. “Globally, the mobile number is emerging as a primary identification means and merchants can get verified users by allowing them to register through us.”
Truecaller intends to become the discovery platform for various applications, registration of the user, engagement platform and check-out option as well for transactions that customers undertake in the app.
The company is also offering a ‘smart notification’ option whereby users will get important messages like credit card bills or utility bills as a notification on the screen. Truecaller will only flag the relevant portions to the user and offer a payment tab as well, enabling them to complete the transaction within the same environment.
“We are tying up with banks and telecom companies to be able to scan transaction messages to flash them on the screen and offer the payment option with it,” said Joy. “The scanning happens on the device and does not hit the Truecaller server, thereby ensuring personal details are not exposed to the company.”
Elaborating on its plans for financial services, Joy said that lending will be a major proposition the company will promote for its users. The ticket size will hover between ?50,000 and ?
“We have struck a partnership with a non-banking finance company to take exposure, we will use transaction data and SMS data to offer a score to the user, on the basis of which he will be extended an unsecured personal loan,” said Joy.
Truecaller intends to offer the product as a credit line to its users which they can withdraw as they want. The company is relying on physical processes of documentation in the beginning, since there is still confusion over access to electronic KYC (know your customer).“We are hoping to do a few thousand loans per month to start with and tap into the new-to-credit market,” said Joy. “Slowly, we will get into micro insurance as well. We had plans to get into the mutual funds distribution business but that stands deferred as of now.”