Reserve Bank of India (RBI) has rolled out the digital payment solution ‘UPI123Pay’ for over 40 crore feature phone users that will enable them to execute all kinds of Unified Payments Interface (UPI) transactions except payment through scanning QR codes.
The new service would allow non-smartphone users to make instant digital payments, which will further deepen the digital payments network, especially in rural areas of the country, the RBI claimed.
The UPI123Pay includes four distinct options — a) App-based functionality wherein an app would be installed on the feature phone through which several UPI functions will be offered; b) Missed Call: which will allow feature phone users to access their bank account and perform routine transactions by giving a missed call on the number displayed at the merchant outlet; c) Inter-active Voice Response (IVR): a UPI payment through pre-defined IVR numbers would require users to initiate a secured call from their feature phones; and d) Proximity Sound-based Payments: which uses sound waves to enable contactless, offline, and proximity data communication on any device.
RBI Governor Shaktikanta Das also announced the launch of a 24x7 helpline for digital payments called DigiSaathi. “Watch out for the launch of UPI for feature phones - UPI123Pay and 24*7 helpline for digital payments - DigiSaathi by RBI Governor @DasShaktikanta at 12 noon on March 08, 2022,” as tweeted by the RBI.
Watch out for the launch of UPI for feature phones - UPI123Pay and 24*7 helpline for digital payments - DigiSaathi by RBI Governor @DasShaktikanta at 12 noon on March 08, 2022— ReserveBankOfIndia (@RBI) March 8, 2022
YouTube: https://t.co/lb5mhivRfd#rbitoday #rbigovernor #DPAW #UPI #digisaathi @UPI_NPCI
“This current decade will witness a transformative shift in digital payments ecosystem across the country. The central bank has announced several steps in the past three years to push digital transactions and lower cash transactions,” he revealed while making the announcement.