RBI Launches ‘123Pay’ UPI Service for Over 40 Crore Feature Phone Users

RBI Governor Shaktikanta Das on Tuesday launched a brand new service, which is able to allow over 40 crore characteristic telephone customers to undertake digital funds in a safe means. The service christened UPI (unified funds interface) ‘123PAY’ is a three-step technique to provoke and execute companies for customers which is able to work on easy telephones which wouldn’t have an web connection.

Das mentioned, as of now, the multifaceted options of UPI are principally accessible solely on smartphones, which excludes folks from the decrease rung of the society from an financial perspective, particularly within the rural areas, from accessing the favored service, regardless that the smartphone costs are happening.

He mentioned, the UPI volumes have touched to Rs. 76 lakh crore in FY22 to this point, as towards Rs 41 lakh crore in FY21 and added that the day will not be far when the general volumes will contact Rs. 100 lakh crore.

There are an estimated 40 crore cell phone customers who possess characteristic telephones.

At current, UPI companies can be found for such customers by means of the USSD-based companies, however the identical has been discovered to be cumbersome and all of the cell operators don’t enable such companies, Deputy Governor T Rabi Shankar mentioned.

Feature telephone customers will now be capable to undertake a bunch of transactions based mostly on 4 expertise options. They embrace calling an IVR (interactive voice response) quantity, app performance in characteristic telephones, missed call-based strategy and in addition proximity sound-based funds, the RBI mentioned.

Such customers can provoke funds to family and friends, pay utility payments, recharge the FAST Tags of their autos, pay cell payments and in addition enable customers to verify account balances, it mentioned, including clients may even be capable to hyperlink financial institution accounts, set or change UPI PINs.

A 24×7 helpline for digital funds was additionally launched by Das on Tuesday, which has additionally been arrange by the National Payments Corporation of India (NPCI).

The helpline christened ‘Digisaathi’ will help the callers/customers with all their queries on digital funds by way of web site and chatbot.

Users can go to www.digisaathi.data or name on 14431 and 1800 891 3333 from their telephones for his or her queries on digital funds and grievances.