The RBI launched UPI for non-smartphone users on Tuesday, a transfer expected to further democratize the retail payments system within the nation, and deepen the digital payments community,y, especially in rural areas. RBI’s new service, known as UPI 123Pay, would permit feature phone customers to make instant digital funds. RBI Deputy Governor T Rabi Sankar mentioned he’s sure UPI for feature phones can be a gamechanger and put India’s fast-growing fee system on the worldwide map.
“I don’t see a day after we are far away from reaching a transaction volume of (Rs) 100 lakh crore from UPI,” RBI Governor Shaktikanta Das said at the event. “And with the launch of UPI 123 Pay,, it makes the amenities beneath UPI now accessible to that part of society which was to date excluded from the digital payments landscape. In that way it’s selling monetary inclusion in society,” he mentioned. This can allow users who’re in decrease rungs of society, in economic phrases, or who can’t afford a smartphone to access UPI, he added
UPI for feature phones was initially introduced by the RBI in December at the monetary policy assembly. At present marks the formal launch. Together with the launch of UPI for feature phones, which can be available in all Indian languages, the central bank also launched a 24*7 helpline for digital funds – DigiSaathi. Digital funds by means of UPI have grown more than 5 times since its launch in 2016. 453 crore transactions amounting to Rs 8.26 lakh crore had been done in February alone this year, twice the variety of transactions made the earlier year.
How will customers be able to make payments utilizing feature phones?
RBI mentioned it’ll offer 4 options to customers to make payments by offering them a menu of choices and can add to those options going ahead. By NPCI, users of feature phones will be capable to make funds in 4 ways:
i) First is through an IVR system, or voice-based system, where users can name the number supplied by NPCI, initiate a secured call, and make a transaction.
ii) Two, is thru an app-based channel, the place an app performance can be provided in a feature phone. All transactions available on a UPI app on smartphones can be provided except for the feature to scan and pay. RBI is working on making a scan and pay feature available soon.
iii) Third, is a proximity sound-based fee. Transactions can be made utilizing technology based on sound waves to allow contact, allow networking, and thus make contactless funds.
iv) Fourth, a missed name-based system, the place users can ship a missed name and can get again a name. Customers can authenticate the fee by inputting a UPI pin and thus carrying out the funds.
Digital funds by means of feature phones existed within the nation earlier however by no means picked up because it was USSD based. Unstructured Supplementary Service Data-based services mean that the customers might use cell banking with no smartphone or without an internet connection through the *99# code. However the process is cumbersome, it’s changeable, and not each telecom operator provides the facility
