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.
