RBI Governor Shaktikanta Das launches UPI service for feature phone users

The Reserve Bank of India on Tuesday announced the launch of a unique feature for payments with a facility where those with feature phones could also use UPI payments. While payments via mobile phones have grown in popularity, the addition of feature phones is expected to speed up digital payments even in rural parts of India, where many still use feature phones.

The feature called UPI123Pay will offer payments via IVR number, app functionality in feature phones, transactions based on missed calls, and sound-based payments. The central bank also announced the rollout of a 24/7 hotline for digital payments called DigiSaathi.

According to the RBI, UPI123Pay will help achieve financial inclusion goals.

“UPI123Pay makes facilities under UPI accessible to this part of society that has until now been excluded from the digital payments landscape,” RBI Governor Shaktikanta Das said at the launch. “This current decade will see a transformative shift in the digital payments ecosystem in the country.”

RBI has taken more than 50 initiatives to deepen the digital payment ecosystem over the past three years, he said. RBI has encouraged innovation through a regulatory sandbox, hackathon and other measures and the initiative launched today will further accelerate digital adoption, adding: “We still have some distance to go and we are striving to do even more in digital payments.

The UPI platform recorded 4.52 billion transactions worth Rs 8.26 trillion in February. Under the new system, feature phone users can perform various financial and non-financial transactions such as P2P payments, utility bill payments, NETC FASTag recharge, mobile bills, DTH and mobile recharges, as well as linking a bank account, setting a UPI PIN as well. conduct an account balance inquiry.

Meanwhile, “DigiSaathi” – 24×7 helpline set up by National Payments Corporation of India will assist users with all their queries on digital payments through the website and chatbot. The helpline will help customers answer their questions regarding several products and services under the umbrella of the payment system.

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