Hotline: 1800 102 2007
Hotline: 1800 102 2007
Dec, 13 2018

Truecaller Pay to foray into credit business by early next year

The Unified Payments Interface (UPI)-based app's expansion is aimed at bringing its customers accessing loans through informal means into the formal credit network. 

Truecaller Pay to foray into credit business by early next year

As part of its expansion plan, Truecaller Pay is looking to foray into credit business by early next year. The Unified Payments Interface (UPI)-based app's expansion is aimed at bringing its customers accessing loans through informal means into the formal credit network. 

Sony Joy, Head of Payments and Financial Services, Truecaller, said, "Around 60% of people who are coming on Truecaller pay happen to be experiencing UPI for the first time. Such a kind of user base definitely needs a solution like this to avail credit as they do not have enough access to the formal ways of credit. When they have a spike in their expenses, they turn to informal credit facilities."

Initially, the new feature will be rolled out in around 22-24 cities. It will further expand to rest of the country.

"We have designed this in a way that the amount of documentation required is very minimal, in fact, there is nothing much required to be uploaded expect for an ID card and there will definitely be a physical process as Aadhaar can’t be used for e-KYC," Joy further stated.

sharebtn
Comment
user
email
mobile
address
star
Related opportunities
  • Healthcare Products
    HEALZEST VENDCON PRIVATE LIMITED (formerly ZEST VENDCON) (HVPL) was established..
    Locations looking for expansion Haryana
    Establishment year 2019
    Franchising Launch Date 2020
    Investment size Rs. 10000 - 50000
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Faridabad Haryana
  • A well-known name in the industry. The company started its..
    Locations looking for expansion Haryana
    Establishment year 2018
    Franchising Launch Date 2021
    Investment size Rs. 10lac - 20lac
    Space required 500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Faridabad Haryana
  • Doors/Wooden Door Panels
    ABOUT VIVEJ DOORS Established in 2018, Vivej, a venture..
    Locations looking for expansion Haryana
    Establishment year 2014
    Franchising Launch Date 2020
    Investment size Rs. 5lac - 10lac
    Space required 350
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Faridabad Haryana
  • Pecopp Pest Control Services has been providing effective pest control..
    Locations looking for expansion Haryana
    Establishment year 2017
    Franchising Launch Date 2020
    Investment size Rs. 10lac - 20lac
    Space required 250
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Gurgaon Haryana
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities