According to the RBI governor, UPI 123Pay would also assist the bank to achieve its goal of a less-cash economy by giving feature phone users more limited payment alternatives
In recent years, the use of digital or online payments has seen a large increase since the UPI (unique payments interface) applications like Google Pay, Paytm, BharatPay and others have been introduced. These apps can be simply used with a smartphone and internet support. However, thousands of people have not been able to carry out UPI transactions due to the phones they use.
Therefore, to inculcate all such people and bring them into mainstream digital payment, Reserve Bank of India Governor Shaktikanta Das has introduced a new digital payment mode, called ‘123Pay’ for feature phones.
Das stated that the implementation of this new UPI for feature phones will assist the National Payments Corporation of India (NPCI), which operates retail payments and settlement systems in India, in reaching its target of processing a billion transactions per day.
According to the RBI governor, UPI 123Pay would also assist the bank to achieve its goal of a less-cash economy by giving feature phone users more limited payment alternatives.
Everything you need to know about UPI 123PAY:
– As per the RBI, people using feature phones will now be able to conduct a variety of transactions using one of four technology options. Calling an IVR (interactive voice response) number, app functionality in feature phones, a missed call-based method, and proximity sound-based payments are among them. Except for the scan and pay UPI option available for smartphones, users will be able to use all other functions.
– Users will be able to pay all of their bills and monitor their account balances with its newly launched UPI. They will be able to link their bank account as well as set or update their UPI.
– RBI has developed ‘DigiSaathi’, a 24-hour helpline, for digital payments that will assist users with all of their digital payment concerns via website and chat bot. Furthermore, there is a telephone support department with the numbers ‘14431’ and ‘1800 891 3333’ that can assist you in the same way.
According to studies, UPI is the single largest retail payment system in the country in terms of transaction volume.