upi:  Feature phones get ‘UPI Pay123’ tech - Times of India

upi: Feature phones get ‘UPI Pay123’ tech – Times of India

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MUMBAI: Reserve Bank of India governor Shaktikanta Das on Tuesday launched UPI 123Pay – a service that makes available the Unified Payment Interface’s (UPI) account-to-account transfer platform for feature phones. The governor also launched a 24×7 helpline for digital payments on Tuesday – Digisaathi.
Payment service providers can enable 123Pay by authorising the payments using one of four technologies. They include either an interactive voice response number, missed call services, app functionality in feature phones or proximity sound-based payments. The name of the service reflects the simplified three-step process required to initiate and execute a payment.
Speaking at the launch Das said “What we have achieved within India, we need to now partner with other countries also. Already, we are undertaking efforts along with the National Payments Corporation of India to take UPI outside India and several milestones have been reached”.
Das said that the total value of UPI transactions in FY21 was Rs 41 lakh crore while it was Rs 76 lakh crore during the current year so far. “We are well on our way, with the cooperation of all, to reach a transaction volume of Rs 100 lakh crore on UPI,” said Das.
The governor’s comments on expanding the network globally come at a time when experts are highlighting the need to promote homegrown payment networks given the susceptibility of multinational networks to sanctions. China has already promoted its UnionPay as an international network.
Das said that there was no time for complacency and as there was still some distance to be covered domestically. “We have to maintain the quality in what we have already done. We also get more exposed to cyber security and other related issues. Once enabled we also own responsibility of providing customer-friendly and 24/7 services,” said Das.
This is the second attempt to facilitate payments using feature phones. The NPCI had earlier launched a *99# service which used the USSD code on mobile services. However, this had not taken off as it was too cumbersome. The 123Pay is expected to bridge the digital divide in payments as it can be used in 40 crore feature phones. The transactions do not require the user to be digitally literate and can be completed in a few basic steps.



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