• Source:JND
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New Delhi | Jagran Business Desk: The Reserve Bank of India (RBI) on Tuesday launched a new service, UPI 123PAY, which will enable over 40 crore feature phone users to access Unified Payments Interface (UPI), nearly six years after the popular digital transactions platform was launched in the country. Launching the new service, RBI Governor Shaktikanta Das said that the multifaceted features of the UPI are available mostly on smartphones as of now and people from the lower rung of the society, especially in the rural areas, are not able to access the payments service even as smartphones have become cheaper.

The National Payments Corporation of India (NPCI), an RBI promoted body that created and operates UPI, had launched a USSD-based service to enable UPI access for feature phone users, within months of the launch of the main platform for smartphone users in 2016. However, the service was found to be cumbersome, not free and also not supported by all telcos.

"The launch of UPI 123PAY makes facilities under UPI accessible to that section of society which was so far been excluded from the digital payments landscape. In that way, it is promoting great amount of financial inclusion in our economy," Das said at the launch event. He said the brand name derives from a three-step process required to initiate and execute a payment.

How to use UPI Payments will be made through feature phones:

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.

Such users can initiate payments to friends and family, pay utility bills, recharge the FAST Tags of their vehicles, pay mobile bills and also allow users to check account balances, it said, adding customers will also be able to link bank accounts, set or change UPI PINs.

1) IVR Systems: In the IVR or voice-based system, users can call the number provided by NPCI, initiate a secured call, and make the transaction.

2) App-based channel: In this, app functionality will be offered in a feature phone. All transactions available on a UPI app on smartphones will be offered except for the feature to scan and pay. RBI is working on making a scan and pay feature available soon.

3) Proximity sound-based payment: Transactions will be made using technology based on sound waves to enable contact, enable networking and thus make contactless payments.

4) Missed call based system: In this system, users can send a missed call and will get back a call. Users can authenticate the payment by inputting a UPI pin and thus carrying out the payments.

Along with the new service, Shaktikanta Das also launched a 24x7 helpline for digital payments, which has also been set up by NPCI. The helpline christened 'Digisaathi' will assist the callers/users with all their queries on digital payments via website and chatbot. Users can visit www.digisaathi.info or call on 14431 and 1800 891 3333 from their phones for their queries on digital payments and grievances.