Lagatar24 Desk
New Delhi, Mar 8: RBI Governor Shaktikanta Das unveiled a new service on Tuesday that will allow over 40 million feature phone users to make secure digital payments.
The UPI (unified payments interface) ‘123PAY’ service is a three-step approach for customers to initiate and execute services that will function on simple phones without an internet connection.
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, despite the fact that smartphone prices are falling.
He stated that thus far in FY22, UPI volumes have reached Rs. 76 lakh crore, compared to Rs 41 lakh crore in FY21, and that the day will not be far when overall volumes will reach Rs. 100 lakh crore.
The number of people who own feature phones is expected to be over 40 crore.
UPI services are currently available for such customers via USSD-based services, but they have been deemed to be inconvenient, and all cell operators do not allow such services, according to Deputy Governor T Rabi Shankar.
Users using 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 capability in feature phones, a missed call-based method, and proximity sound-based payments are among them, according to the RBI.
Customers will be able to make payments to friends and family, pay utility bills, recharge their vehicles’ FAST Tags, pay mobile bills, and check account balances, according to the company. Customers will also be able to link bank accounts and set or update UPI PINs.
Das also introduced a 24-hour helpline for digital payments on Tuesday, which was also set up by the National Payments Corporation of India (NPCI).
The helpline ‘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.
