The caller ID smartphone application Truecaller will no longer continue its UPI services, as it wants to currently focus on its core services like communication and safety.
While there is a likely chance for Truecaller to integrate Truecaller Pay with other UPI partners on its app, it is confirmed that the call-blocking will not add any more UPI users.
Truecaller Pay is the payments service branch of Truecaller, which hit its peak in mid-2020, with nearly 20 mill registered UPI users.
However, the company now believes that prioritising products and solutions related to communication and security exceed the need to continue payment services.
The company informed the users of Truecaller Pay of its decision two weeks back.
Truecaller to Discontinue Truecaller Pay
Established four years back, ‘Truecaller Payments’ allows users to instantly send or receive money using any Unified Payments Interface (UPI) supported bank, along with supporting prepaid and postpaid recharges.
The app has now decided to suspend it’s payments services and focus completely on strengthening its core offerings like safety and communication, said a company spokesperson.
“We have identified other opportunities where we believe we are uniquely positioned to serve the community.
The potential impact of such investment would be significantly higher compared to that of payments where many companies are already contributing.
To summarize, this is a strategic decision to deprioritize payments, and focus on products and solutions that can help create significantly more impact in areas like communication, trust and safety.’, informs Mint.
What will be the Impact on Truecaller?
Truecaller informs that discontinuing the UPI service will not have any effect on its lending services, as credit distribution will continue through its partnered NBFCs.
Currently, there are over 200 million monthly active users associated with Truecaller, while 1.2 lakh customers have purchased its premium subscription.
Truecaller stated to have informed its users about the decision to discontinue Truecaller Payments services, two weeks back.
“As per guidance from regulators, we gave two weeks’ notice to users,” said the spokesperson.
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