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.