On Tuesday, RBI Governor Shaktikanta Das unveiled a new service. This will allow over 40 million feature phone users to make secure digital payments. The 123 Pay UPI service is a three-step approach for customers to initiate and execute services that will function on simple phones without an internet connection. In addition, the estimated number of persons who own feature phones is in the 40 crores range.
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RBI to Launch UPI-Based Payment for Feature Phones Today
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, even though smartphone prices are falling.
He said that thus far in FY22, UPI volumes have reached Rs. 76 lakh crores, compared to Rs 41 lakh crore in FY21, and that the day will not be far when overall volumes will reach Rs. 100 lakh crores.
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UPI services are currently available for such customers via USSD-based services are inconvenient and, cell operators do not allow such services, according to Deputy Governor T Rabi Shankar.
Users of 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 approach. Proximity sound-based payments are among them, according to the RBI.
According to the corporation, customers will be able to send money to friends and family, pay utility bills, recharge their vehicles’ FAST Tags. Customers will be able to link their bank accounts as well as create or change their UPI PINs.
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Das announced the start of a 24-hour digital payments helpline. On Tuesday, 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.
Varushi Yadav
I'm a 4th-year law student at the University of Petroleum and Energy Studies, along with that I'm a creative content writer. So far I have written law-related articles, I like to explore more and I'm always ready to learn more.