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Truecaller comes up with its money lending feature; to launch the same in May

Screenshot of Truecaller app from playstore

Truecaller is based on a concept which plays with people’s mind. The fact that we need to know who is calling us if we get a call from an unknown number, is quite fascinating to start with. Truecaller is widely used for its main purpose. There is nothing else the app should actually do as it is a household name almost everywhere. It plays with people’s mind and some think that it invades their privacy which is true in a sense but it does not invade like Facebook does or did. It is based on crowdsourced data.

The app was developed for Blackberry at first and was introduced in 2009. It then rose to popularity and moved to Symbian which was the operating system of most phones then. Gradually the application became a hit and iOS wanted the app and so did Android. It is now present on all the operating systems and is used by most people that use a smartphone.

The app was developed by True Software Scandinavia AB, which is a private company founded by Alan Mamedi and Nami Zarringhalem. Truecaller is their first product and remains the most successful to date. That said, the company is bringing out multiple features. It has already a lot of features such as Truecaller pay, Truecaller SMS and many more.

The payments version of Truecaller is UPI approved and allows you to instantly create a UPI ID. It allows users to register for the same via BHIM UPI. This feature is going to allow users to recharge their phones as well. This is how it is going to increase services in India. It is following a traditional app route. Every app which is in the service of the public is trying to offer every service they can. That is how the trend is right now. That is how it is going to be. We are going to have 50 apps offering 50 services which are going to be very similar to each other.

That said, this payment option is going to be extended to give out small loans to users. The money lending operations of Truecaller are going to begin officially in May but it is going to run some beta tests before launching. The Swedish company is going to rely on physical KYC and not the online one. That is because of some issues in the electronic version of the same.

The ticket to avail these loans is minimum INR 50 thousand and a maximum of INR 5 lakh. Which is about $723 and $7,230 respectively. The loan service is going to be launched in 22 cities and then it will be launched in another tier 2 and 3 cities. The beta version is going to be tested and that might happen in March and April before going live in May.

-Unmesh Phule

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