Sweden-based phone call identification company Truecaller is piloting wealth management services in India. It will expand its financial product portfolio with the help of its recent acquisition, Chillr.
During the acquisition of the payment company in June 2018, Truecaller had said it will leverage Chillr’s position to start a lending product. Sony Joy, founder of Chillr and now vice-president of Truecaller Pay, told Economic Times that pilot testing of the product is set to begin and it would be launched by May this year.
The ticket size for the lending product would range between Rs 50,000 and Rs 500,000. It would be launched in 22 cities initially.
“We were deeply integrated with more than 300 applications which allowed consumers to check in using Truecaller credentials. Now we are also piloting with a few apps to introduce payments as well using Truecaller Pay,” Joy told ET. “Globally, the mobile number is emerging as a primary identification means and merchants can get verified users by allowing them to register through us.”
Truecaller will offer a credit line to users, which they will be free to withdraw when they need. Since there is a confusion over e-KYC (Know Your Customer), Truecaller will do the Reserve Bank of India-mandated KYC process physically.
“We are hoping to do a few thousand loans per month to start with and tap into the new-to-credit market,” said Joy. “Slowly, we will get into micro insurance as well. We had plans to get into the mutual funds distribution business, but that stands deferred as of now.”
Similar to what Paytm and Google Pay do, Truecaller has also started “smart notifications”. User will get messages related to credit card bill payment and other utility bill payment as a reminder.
“We are tying up with banks and telecom companies to be able to scan transaction messages to flash them on the screen and offer payment option with it. The scanning happens on the device and does not hit the Truecaller server, thereby ensuring personal details are not exposed to the company,” Joy said.
Many fintech companies have launched their own wealth management services starting with mutual funds. While Paytm launched Paytm Money, New-Delhi based Mobikwik acquired Clearfunds to get into mutual funds space. This year, Flipkart’s payment arm PhonePe also began offering wealth management services.