Truecaller Acquires Chillr To Strengthen Its Presence In Mobile Payment Segment

Must Read

TikTok Coughs Up $92 Million In Fine For Harvesting User Data Of Minors!

The popular short-form video app TikTok simply can’t catch a break! Besides dealing with its botched acquisition now stuck...

Reliance Aims To Launch Its Own Version Of UPI-Like Payments Network With Google And Facebook!

The mammoth tech-petroleum conglomerate Reliance aims to create its own version of UPI! According to the latest news, the Mukesh...

UPI Transactions Slowing Down? 2.29 Billion In February, A Dip From January!

For the last few months, the growth in the number of UPI transactions has been below expectations. Industry experts...

In early 2017 when Truecaller launched Truecaller Pay, a UPI-based transaction feature, it became immediately clear that the caller identification company has big plans to penetrate the flourishing mobile payment industry. Today, the company has solidified its commitment by acquiring Chillr – India’s first muti-bank payment app launched in 2014.

The company has also announced the launch of Truecaller Pay 2.0 after acquiring Chillr. The latest version of the app offers more features and better integration with banks to bring the banking and payment features to the forefront of its app.

“Since launching Truecaller Pay in 2017, we’ve seen an increasing number of use cases to make the lives of our users in India easier. By acquiring Chillr, we are reaffirming our commitment to mobile payments and strengthening our plans to increase its adoption  amongst our user base, says Nami Zarringhalam, Co-founder & Chief Strategy Officer of Truecaller.

Truecaller also revealed that the team is working on many other features related to financial services which would be the part of Truecaller Pay. In the new months services like Credit and other financial services would be made available to 150 million Truecaller app users in India.

Advertisements

The management team of Chillr would join Truecaller to strengthen core competencies in mobile payment space. The co-founder of Chillr, Sony Joy, would be joining Truecaller as Vice President of Trucaller Pay.

Our roadmap on payments and financial services which when combined with the scale and resources of Truecaller, can create amazing experiences and solve genuine problems at an accelerated pace.” says Sony Joy, Co-founder, Chillr.

Mobile Payments in India On Rising

The acquisition of Chillr is being seen as a move by Trucealler to increase its share of flourishing mobile payments industry in India. The number of digital transactions in India is estimated to reach $1 trillion by 2023, and the unprecedented growth would be driven by mobile. In FY2018, mobile is estimated to account for just 2.5% of total digital payments amounting $200 billion.

Sensing the size of the opportunity many major players, including WhatsApp, Reliance Jio and Paytm, have set their eyes on the lions share of the market. Besides, in a bid to stay competitive with new-age competitors, all the banks in India have started employing mobile-first strategy by introducing their own mobile payment apps.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

E-Commerce On The Radar, Soon You May ‘Shop’ On Twitter Too!

With the e-commerce bandwagon only growing by the day, Twitter has looked to ensure that they are included in...

In-Depth: Dprime

Will ‘TikTok By Microsoft’ Be A Winner?

For the last two years, TikTok has been in the public eye for all sorts of reasons. First, it was the exploded and unparalleled...

Facebook Subscription Model: Looking Beyond Ad Dollars?

Seldom do job listings create a stir this gripping. However, when the job listing in question is a stealth post from Twitter, with a...

Will The Online Food Delivery Market in India End Up Becoming A Two-Horse Race?

It's pretty much evident that the food delivery space in India is all set to get riled up soon enough as one of the...

More Articles Like This