RBI launches UPI enabled 123 PAY digital payment service for feature phone users
1 year ago
On Tuesday, RBI Governor Shaktikanta Das launched a new service, 123 PAY for 40 crore feature phones users, to enable them to undertake digital payments in a secure way.
‘123PAY’ is the UPI (unified payments interface) service, a three-step approach for customers to initiate and execute services that will function on simple phones without an internet connection.
According to Das, the numerous capabilities of UPI are currently only available on smartphones, which prevents people from the lower rungs of society, particularly in rural regions, from using the popular service, despite the fact that smartphone prices are falling. He said the UPI volumes have touched Rs. 76 lakh crore in FY22 so far, as against Rs 41 lakh crore in FY21 and added that the day is not far when the overall volumes will touch Rs. 100 lakh crore.
The RBI said, “Feature phone users will now be able to undertake a host of transactions based on four technology alternatives. They include calling an IVR (interactive voice response) number, app functionality in feature phones, missed call-based approach and also proximity sound-based payments,
According to the company, “Customers now will be able to make payments to friends and family, pay utility bills, recharge their vehicles’ FAST Tags, pay mobile bills, and check account balances, Customers will also be able to link bank accounts and set or update UPI PINs.
Das also introduced a 24-hour helpline, ‘Digisaathi’ for digital payments on Tuesday, which was also set up by the National Payments Corporation of India (NPCI). The ‘Digisaathi’ helpline will answer all callers’ and users’ questions about digital payments via website and chatbot.
For questions about digital payments and issues, users can go to www.digisaathi.info or contact 14431 and 1800 891 3333 from their phones.