Hotline: 1800 102 2007
X
Search Business Opportunities
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. 

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.

Comment
image
Related opportunities
  • Pet Stores
    About Us: BonBeno's Journey started 3 years ago when the founder Vinay..
    Locations looking for expansion Delhi
    Establishment year 2015
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Laundry & Dry Cleaning
    About Us: Stadhawk founded by two young dedicated professionals with vast..
    Locations looking for expansion Delhi
    Establishment year 2017
    Franchising Launch Date 2017
    Investment size Rs. 20lac - 30lac
    Space required 280
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Casual dine Restaurants
    About Us: Handi is a 35 year old restaurant and is..
    Locations looking for expansion Rajasthan
    Establishment year 1993
    Franchising Launch Date 2018
    Investment size Rs. 20lac - 30lac
    Space required 150
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Jaipur Rajasthan
  • Cosmetics & Beauty Product Stores
    About Us: Established in the year 2000, Renewcell Cosmedica LLP formerly..
    Locations looking for expansion Maharashtra
    Establishment year 2000
    Franchising Launch Date 2018
    Investment size Rs. 5lac - 10lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities