Bank of Baroda partnered with Truecaller for UPI Payments
Bank of Baroda has become the first public sector bank in India to partner with Truecaller to integrate UPI (Unified Payment Interface) Payments on their app.
Truecaller Pay is a UPI-enabled payment service under the banking tab of the parent Truecaller app. It is powered by Bank of Baroda’s highly secure BHIM Baroda Pay UPI service that has encryption, two-way SSL, and OAuth token service (an additional security featrure). The facility enables Truecaller Pay’s users to create a unique Virtual Payment Address (VPA), @barodapay, for making payments, recharge, fund transfers and request money.
Bank of Baroda provides world-class security features in its UPI service. Transactions through ‘Truecaller Pay’, which is powered by Bank of Baroda, are authorised with two-factor authentication in accordance with the guidelines set by RBI to ensure secure fund transfers. Bank of Baroda’s state-of-the-art IT infrastructure ensures that all transactions are processed securely keeping the customer’s interest in mind. These services are created along the lines of National Payments Corporation of India. The payment data is stored securely and locally in India as per RBI’s local data storage directives for payments transactions. At present, this facility is available for Android users only, but will be soon rolled out for iOS users.
The app provides following payment option to users:
- Send money
- Scan and pay
- Request money
- Approve collection request
- Check balance
- Transaction history
- Utility bill payment
- Send payment status on WhatsApp.
- Customers of any bank can register for free and link their bank account instantly.
- Once registered, users on Truecaller Pay app will be assigned @barodapay UPI handle, which will be shown on the top of the app as @barodapay.
- If a user clicks on the UPI ID displayed at the top, it will be automatically copied for sharing.
- Users can send money directly to any UPI ID and their contacts on Truecaller.
- Users can also register a beneficiary using their account number and IFSC code for funds transfer.
- Users can send money, request money, pay utility bills, pay using QR Code (scan & pay) and approve collect request. Alert for ‘Collect Request’ will pop up as a notification on Truecaller Pay App.
- Users can add any number of accounts of any bank to a single UPI ID.
- Users can share transaction status instantly on WhatsApp.
- There is no need to share personal details for payment transactions. Just share UPI ID to receive payments.
- “Request Money”, “Send Money” and “Scan & Pay” icons are displayed on the home screen.
- Users can view few “Recent Transactions” on home screen.
- There will be “Recharge” and “Utility” links on the home screen for easy access.
- Customers can click on “Check Balance” button on home screen of Truecaller Pay for each account.
- Full list of transactions will be available in “VIEW ALL” link.
- No need to download multiple apps for funds transfer and making payments. Use single app and link all the accounts of any bank.
- To check account balance or perform transaction, user must set a UPI PIN, which is a four-digit number.
- No transaction data is stored at Truecaller Pay app or their servers.
- Truecaller Pay complies with all the security standards of NPCI and RBI.
One-time activation and VPA creation
To start sending money or making payments, download the Truecaller app on your smart phone.
- Open the app and click on the “Banking” icon on the footer of the app.
- Click on ‘Get Started’ and select the bank linked to your registered mobile number (for dual-sim phones).
- As soon you select a bank, an silent SMS is sent to the bank. Ensure that the mobile number from which you are initiating the SMS is registered with bank account.
- The app automatically fetches the account information and displays it and prompts you to select the account you want to link to the app for payments.
Bank of Baroda customers selecting Bank of Baroda account will be automatically assigned @barodapay UPI handle. Other Bank customers will be assigned a handle in round robin fashion between Truecaller Pay member Banks.
Setting up of UPI PIN
- Users who have successfully registered, must set their UPI PIN in order to perform any transaction or check their account balance.
- Users must enter last six digits of their active debit card issued on account number which is linked in Truecaller Pay. In addition, they must enter the date of expiry and a one-time password (OTP) – an SMS which will be sent to their registered mobile number.
- The app will ask the user to enter a four-digit UPI PIN of their choice and confirm the same by re-entering it again.
- User must enter UPI PIN in order to perform all financial and non-financial transactions.
Truecaller Pay is a TPAP (Third Party Application Provider), sponsored by Bank of Baroda's UPI application as a PSP (Payment Service Provider)
Roles & Responsibilities of NPCI
- NPCI owns and operates the Unified Payments Interface (UPI) platform
- NPCI prescribes rules, regulations, guidelines, and the respective roles, responsibilities and liabilities of the participants, with respect to UPI. This also includes transaction processing and settlement, dispute management and clearing cut-offs for settlement
- NPCI approves the participation of Issuer Banks, PSP Banks, Third Party Application Providers (TPAP) and Prepaid Payment Instrument issuers (PPIs) in UPI
- NPCI to provide a safe, secure and efficient UPI system and network
- NPCI provides online transaction routing, processing and settlement services to members participating in UPI
- NPCI can, either directly or through a third party, conduct audit on UPI participants and call for data, information and records, in relation to their participation in UPI
- NPCI provides the banks participating in UPI access to system where they can download reports, raise chargebacks, update the status of UPI transactions etc.
Roles & responsibilities of PSP Bank
- PSP Bank is a member of UPI and connects to the UPI platform for providing UPI payment facility to the PSP Bank and TPAP which in turn enables the end-user customers / merchants
- PSP Bank, either through its own app or TPAP’s app, on-boards and registers the end-user customers on UPI and links their bank accounts to their respective UPI ID.
- PSP Bank is responsible for authentication of the end-user customer at the time of registration of such customer, either through its own app or TPAP’s app
- PSP Bank engages and on-boards the TPAPs to make the TPAP’s UPI app available to the end-user customers
- PSP Bank has to ensure that TPAP and its systems are adequately secured to function on UPI platform
- PSP Bank is responsible to ensure that UPI app and systems of TPAP are audited to safeguard security and integrity of the data and information of the end-user customer including UPI transaction data as well as UPI app security
- PSP Bank has to store all the payments data including UPI Transaction Data collected for the purpose of facilitating UPI transactions, only in India
- PSP Bank is responsible to give all UPI customers an option to choose any bank account from the list of Banks available on UPI platform for linking with the customer’s UPI ID.
- PSP Bank is responsible to put in place a grievance redressal mechanism for resolving complaints and disputes raised by the end-user customer
Roles & responsibilities of TPAP
- TPAP is a service provider and participates in UPI through PSP Bank
- TPAP is responsible to comply with all the requirements prescribed by PSP Bank and NPCI in relation to TPAP’s participation in UPI
- TPAP is responsible to ensure that its systems are adequately secured to function on the UPI platform
- TPAP is responsible to comply with all the applicable laws, rules, regulations and guidelines etc. prescribed by any statutory or regulatory authority in relation to UPI and TPAP’s participation on the UPI platform including all circulars and guidelines issued by NPCI in this regard
- TPAP has to store all the payments data including UPI Transaction Data collected by TPAP for the purpose of facilitating UPI transactions, only in India
- TPAP is responsible to facilitate RBI, NPCI and other agencies nominated by RBI/ NPCI, to access the data, information, systems of TPAP and carry out audits of TPAP, as and when required by RBI and NPCI
- TPAP shall facilitate the end-user customer with an option of to raise grievance through the TPAP’s UPI app, e-mail, messaging platform, IVR etc. for redressal of customer grievances
Dispute Redressal Mechanism
- Every end-user customer can raise a complaint with respect to a UPI transaction, on the PSP app / TPAP app.
- End-user customer can select the relevant transaction and raise a complaint in relation thereto
- A complaint shall be first raised with the relevant TPAP in respect to all UPI related grievances / complaints of the end-user customers on-boarded by the PSP Bank (if the UPI transaction is made through TPAP app). In case the complaint / grievance remains unresolved, the next level for escalation will be the PSP Bank, followed by the bank (where the end-user customer maintains its account) and NPCI, in the same order. After exercising these options, the end-user customer can approach the Banking Ombudsman and / or the Ombudsman for Digital Complaints, as the case may be.
- The complaint can be raised for both the types of transactions i.e. fund transfer and merchant transactions
- The end-user customer shall be kept communicated by the PSP / TPAP by means of updating the status of such end-user customer’s complaint on the relevant app itself