Truecaller is a famous mobile application, which works as a global number of lookup service. Which means through this application the user can find details of the owner of any Mobile number without calling to that number.
After its mass popularity in India, the true caller is all set to launch its first ever loan services in across 22 cities of India. The true caller application is ready to run a test on this feature in the month of May. The ticket size of the loan will be in the range of 50k to 5 lakh rupees. This feature of the true caller will be available for only those users who will complete the process of KYC successfully. The firm will be taking help of the online payments application Chiller to facilitate the users with this feature.
This planning of money by Sweden based company is a quite impressive idea. The digital lending feature can be a good initiative for the rising virtual world of Digital India. The vice president of True caller “sony jay” told the media about this upcoming digital lending serves to its users.
The money borrowed from the True caller application will be directly transferred to the UPI account or account linked to the registered mobile number. True caller is also set to launch another astonishing feature very soon. Now the users can do mobile recharge, pay for DTH, pay water or electricity bill through true caller. This feature is set to give tough competition to other digital firms like Paytm, Phonepe etc.
According to the sources, the KYC process will be done physically rather than electronic process. This step will safeguard the money of Truecaller. It is noteworthy that UPI-based TrueCaller Pay feature was started in the year 2017 in alliance with ICICI Bank. The application feature facilitates the users to spontaneously generate a UPI ID and transfer funds to any UPI ID or a mobile number enrolled with the BHIM app.