RBI launches UPI123PAY, what is UPI123PAY? - YP Buzz Finance News

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                              India’s most famous UPI or Unified payments interface service was launched on Tuesday to be used by the feature phone as well by the Reserve Bank of India Governor, Shaktikanta Das. Across India, there are 40 crore people who use feature phone and for those people this service, which came to be known as UPI123PAY, will allow them to access the payment service through their feature phones.

Before this significant move, UPI was only available to smartphones users across the country. But now even feature phone users will be able to send and receive payments. Also, in addition to this, the central bank has also launched a helpline, aimed towards digital payments, called DigiSaathi which will be open 24x7.

At the launch party, Das reported that 453 crore transactions worth Rs. 8.26 lakh crores were recorded by the UPI in February 2022. This is said to be double in comparison to a year ago. He added that during the 2020-21 financial year, around Rs. 41 lakh crores transactions were down on UPI whereas in the current financial year, the total volume of transactions recorded is Rs. 76 lakh crores and said that there will be a day when the total volume of transactions will reach Rs. 100 lakh crores.

Das, giving us a clear picture of the situation from an economic perspective, said that earlier the several features of the UPI were only available to the smartphone users which excludes the people from the lower wing of the society, especially from rural areas, to avail the online payment services, despite the pricings of the smartphone going down.

The recently launched UPI123Pay services provides only three steps for the users to initiate and execute the payment services. This will work on phones which do not have an option for internet connection, and this takes us back to the estimated 40 crore feature phone users.

UPI123Pay will allow the users to execute several transactions by the following features: calling an IVR (interactive voice response) number, app functionality in feature phones, missed call-based approach and proximity sound-based payments. Users will be able to make and receive payments from their friends and family, paying their utility bills, recharging FASTags, payment of mobile bills. They can also link their bank accounts and check their account balances and set or change UPI pins.

Apart from this, the RBI governor has also launched a 24x7 helpline to help callers with their questions and help regarding digital payments which will be done through their website and chatbot. They can log on to http://www.digisaathi.info or call on 14431 and 1800 891 3333 from their phones to avail the helpline services.  

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