RBI Governor Shaktikanta Das
Highlight
- ‘123PAY’ is a three step method to start and execute services for users
- It will work on ordinary phones that do not have internet connection
- As of now, the multi-functional features of UPI are available only on most of the smartphones.
RBI Governor Shaktikanta Das on Tuesday launched a new service that will enable over 400 million feature phone users to make digital payments in a secure manner. The UPI (Unified Payment Interface) service named ‘123PAY’ is a three-step method for users to initiate and execute services that will work on ordinary phones that do not have an internet connection.
Das said, as of now, the multi-faceted features of UPI are mostly available on smartphones, which excludes people from the lower strata of society from an economic point of view, especially in rural areas, from accessing the popular service, irrespective of smartphone prices. going down.
UPI volumes have so far reached Rs 76 lakh crore in FY 2012, as against Rs 41 lakh crore in FY 2011, he said, adding that the day is not far when the total volume will reach Rs 100 lakh crore. . There are an estimated 400 million mobile phone users who own feature phones.
Lt Governor T Ravi Shankar said that at present, UPI services are available to such users through USSD-based services, but it has been found to be cumbersome and not all mobile operators allow such services.
Feature phone users will now be able to do multiple transactions based on four technology options. These include calling IVR (interactive voice response) numbers, app functionality in feature phones, missed call-based approach and proximity voice-based payments, the RBI said.
Such users can initiate payments to friends and family, pay utility bills, recharge the FASTag of their vehicles, pay mobile bills and allow users to check account balances. Customers will also be able to add, set up or set up bank accounts, it said. Change UPI PIN.
A 24×7 helpline for digital payments was also launched by Das on Tuesday, which has also been set up by the National Payments Corporation of India (NPCI). The helpline named ‘DigiSathi’ will assist the callers/users with all their queries on digital payments through the website and chatbot. users can go www.digisaathi.info Or call on 14431 and 1800 891 3333 from their phone for their queries on digital payments and complaints.