UPI: Send Money, Pay Bills via Missed Call; 4 Ways to Use New Feature Without Internet
UPI: Send Money, Pay Bills via Missed Call; 4 Ways to Use New Feature Without Internet
Users no longer need a smartphone or internet connection to make UPI payments. Simply put, UPI 123Pay allows individuals to send money or pay bills via feature phones. Know how to use new UPI mode

To bring thousands of feature phone users into the digital payment system, the Reserve Bank of India (RBI) has recently unveiled UPI 123Pay. Touted as Unified Payments Interface (UPI) for feature phones, the new payment mode will allow the individuals to make instant payments without smartphones or internet connections. This game-changing move is all set to democratise the way India transacts, experts believed.

Unified Payments Interface or UPI has emerged has emerged as the most used digital payment mode in the recent years. With the launch of UPI 123Pay, around 40 crore feature phone users will be able to take part in digital payment system in a secure way.

What is UPI 123Pay?

Simply put, UPI 123Pay allows individuals to send money or make other financial transactions via feature phones. The system does not need internet connection to send or receive money. Users can follow an easy three-step method to initiate and execute UPI transactions. “UPI 123Pay is about empowering more people to get on-boarded digital experience through feature phones,” Shaktikanta Das, RBI governor said while launching this new initiative.

How to Use UPI 123Pay for Feature Phones

With UPI 123Pay, the users no longer need a smartphone or internet connection to make Unified Payments Interface payments. The customers just need to link their bank account with the feature phone with their debit card details to use the UPI service. The feature phone users can make transactions in four different ways — missed call, app-based functionality, Interactive Voice Response or IVR and proximity Sound-based payments. Let’s take a look at how these methods work

Missed Call: Individuals with feature phones can easily send money, pay bills and pay merchants via a simple missed call. To pay the bills at the neighbourhood kirana shop, users need to give a missed call on the number displayed at the merchant outlet. They will immediately receive a call to

authenticate the transaction by entering UPI PIN in order to complete the transaction.

App-based UPI 123Pay: An app would be installed on the feature phone through which customers can use several UPI functions. Except scan and pay features, all other functionalities of UPI payments will be available for feature phone users.

Interactive Voice Response (IVR): To initiate UPI payment via IVR, users require to to initiate a secured call from their feature phones to a predetermined number. Once the UPI on-boarding formalities are done, they will be able to start making financial transactions without internet connection.

Proximity Sound-based Payments: This uses sound waves to enable contactless, offline, and proximity data communication on any device, RBI mentioned.

UPI 123Pay: Where you can Use this

With UPI 123Pay option, individuals can make payments at shops, transfer money, refill LPG gas connection, recharge mobile phone numbers, recharge FAST Tags for vehicles, pay utility bills, pay EMIs among various financial transactions. This unique feature will also allow the users to check their bank account balance that is linked with UPI.

“In order to bring thousands of feature phone users within the digital ecosystem, RBI launched UPI Payment Services for non-internet/feature phones. Calling it UPI 123 Pay, this move will give a further boost to digital adoption. There has been a transformative shift in the digital payment industry in the country. UPI had until now remained confined to smartphone users keeping a large chunk of potential users in the rural areas out of this ecosystem. This step will help deepen financial penetration and widen mainstream digitisation,” said Nitin Mathur, chief executive officer, Tavaga Advisory Services.

Read all the Latest Business News and Breaking News here

What's your reaction?

Comments

https://popochek.com/assets/images/user-avatar-s.jpg

0 comment

Write the first comment for this!