RBI Launches New UPI Service For Feature Phones

Finance By Karan Brar 12.03.2022

[{"selector":"#anim-47163803-ac90-44df-abf3-0b64dc461a41 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(28.90624987200394%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] The RBI launches UPI123Pay which will allow feature phone users to connect easily to India's digital payment ecosystem.

[{"selector":"#anim-558aa8ff-2ebd-41b5-8092-6bea20d56ee2 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] They no longer need a smartphone or an internet connection to make UPI payments.

[{"selector":"#anim-f4d3913c-929e-4486-ae41-4fe3376bf0bf [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] UPI 123PAY will enable more than 40 crore feature phone users to access the popular digital transaction platform without an internet connection.

[{"selector":"#anim-d05c2672-cff2-4fd3-b7e2-3cdf7091bdd3 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.373558371324734%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] UPI has grown to become one of the most popular modes of digital payment in India.

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Methods of UPI Transactions

[{"selector":"#anim-89c4293c-efd1-45cc-a37e-571498c47615 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] UPI 123 PAY requires a three-step process to initiate and execute a transaction

[{"selector":"#anim-0c759dab-5f45-47b0-810f-c829f084fdfb [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(10.54191887246759%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Four different technologies are used to feature phone users in the new payment system. – Interactive Voice Response (IVR) Number. – App functionality in feature phones. – Missed-call based procedure. – Proximity sound-based payments.

[{"selector":"#anim-91355ad2-0118-47ef-8cb2-d68f713f4889 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.352306434465564%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Feature phone users can make payments to friends and family, pay bills and do other transactions using UPI.

[{"selector":"#anim-e5dd26ff-b2bb-44ff-8f7d-3f1664b6b8de [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0.0056392184047308475%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] They can also check account balances and link bank accounts. Users can also set or change UPI Pins.