The Reserve Bank of India (RBI) has launched 123PAY, a new UPI service targeting India's over 40 million feature phone customers. RBI Governor Shaktikanta Das revealed the new function. UPI payments were previously exclusively available through mobile payment apps and USSD-based services for feature phones. However, according to deputy governor T Rabi Shankar, the latter has been proven to be inconvenient due to the lack of service on numerous cell networks.
How does it work?
The UPI 123PAY is designed to make it simple for feature phone users to make digital payments. The new feature is compatible with basic phones and does not require an internet connection.
123PAY is a three-step mechanism for users to begin and perform UPI transactions. Users will be able to complete transactions using their feature phones in four distinct ways:
- Through an interactive voice response (IVR)
- App capability in feature phones
- Proximity sound-based payments
- Missed call functionality
Users can utilise the 123PAY functionality to make payments, recharge FAST Tags for automobiles, pay utility bills, and check the amount of their UPI-linked account. Aside from that, a user will be able to set or update her UPI PINs with the new feature.
With the goal of supporting 123PAY, the National Payments Corporation of India (NPCI) has developed a 24-hour helpline for digital payments. For questions about digital payments and issues, users can go to www.digisaathi.info or contact 14431 and 1800 891 3333 from their phones.
