HIGHLIGHTS
- In FY22, UPI volumes reached Rs 76 lakh crore.
- 123PAY will enable consumers to make digital payments.
- On Tuesday, NPCI also created a 24-hour hotline.
RBI Governor Shaktikanta Das unveiled a new service on Tuesday that would allow over 40 crore feature phone users to make safe digital payments. The UPI (unified payments interface) '123PAY' service is a three-step technique for initiating and executing services for customers that will function on basic phones that do not have an internet connection.
According to Das, the numerous capabilities of UPI are currently largely available only on smartphones, excluding individuals 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 UPI volumes have reached Rs. 76 lakh crore in FY22, compared to Rs 41 lakh crore in FY21, and that the day is not far when aggregate volumes would reach Rs. 100 lakh crore.
Feature phones are used by an estimated 40 crore mobile phone subscribers.
Currently, UPI services are available for such customers via USSD-based services, but the process has been proven to be laborious, and all cell providers do not enable such services, according to Deputy Governor T Rabi Shankar.
Users of feature phones will now be able to conduct a variety of transactions depending on four technological options. According to the RBI, they include dialling an IVR (interactive voice response) number, app capabilities in feature phones, a missed call-based method, and proximity sound-based payments.
Such users may start payments to friends and family, pay utility bills, recharge their cars' FAST Tags, pay mobile bills, and check account balances, it said, adding that clients would also be able to link bank accounts and establish 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 'Digisaathi' hotline will assist callers/users with all digital payment-related concerns through website and chatbot.
Users can get answers to their questions about digital payments and concerns by visiting www.digisaathi.info or calling 14431 and 1800 891 3333 from their phones.
