The caller ID checker and SMS service platform, Truecaller has decided to enter the Indian fintech market by launching its new product in the market next year. The product could offer microfinance and loans to the lower markets in India that cannot avail such services. In a report, Truecaller co-founder, Alan Mamedi informed that the future of the company in India is bright as the application has more than 20 million users on its Truecaller Pay platform, and 50% come from Tier 2 and Tier 3 cities.
Another co-founder of Truecaller, Nami Zarringhalam, said that the platform provides several services to its customers, from filtering out spam calls to offering services like caller ID, messaging, payments, etc. Nami further added that they had conducted tests with the product in the past, and the platform will grow naturally instead of luring in the users with cashback and offers.
Truecaller Global Phone Directory and India’s association
Truecaller recently posted on their blog, informing the community that the platform has more than 100 million daily users in India, and every 10th user has linked their account with Truecaller Pay. Truecaller has been planning to expand their services in the payment horizon as they acquired the Indian payments company Chillr in 2018. Truecaller’s lending and credit services are still in the pilot stage, and they were supposed to be made available in 22 cities of India. The loan amount ranged from Rs.1 lakh to Rs.5 lakhs.
In 2017, Telecaller Pay was launched in India, and the service collaborated with ICICI Bank to allow users to transfer cash to UPI registered mobile numbers, and perform other tasks.