Truecaller to Wind Up its UPI Payments in India

Just four years after the launch of the Unified Payments Interface (UPI) payments in India, Truecaller, the caller ID application, will suspend the service for its users starting 8 March, reports Mint.

Truecaller was running the UPI service under the name Truecaller Pay in the country. A company spokesperson told Mint that the decision to stop the service is part of its strategy to focus on its core offerings, including communication and safety.

The company said that as per the guidance it received from regulators, it has given two weeks’ notice to users.

Though the company will not be able to onboard new UPI users, possibly Truecaller Pay will continue to integrate with other UPI partners on its app. However, the company hasn’t taken any decision on it yet.

The spokesperson said that the company has identified several other opportunities where it believes it is 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”. The company said the move is a strategic one to deprioritize payments, and focus on products and solutions that can help create significantly more impact in areas like communication, trust and safety.

Truecaller also said that the discontinuation of its UPI service will not have any impact on its leading operations.