“UPI123Pay will empower millions of people across the country and help NPCI achieve its dreams of daily UPI transactions of more than a billion.said Biswamohan Mahapatra, President of the National Payments Corporation of India (NPCI).
How does UPI for feature phones work?
UPI123 Pay will allow feature phone users to transact via UPI. All features except scan and pay options will be available on feature phones as well as smartphones. interesting is The new digital payment mode does not require an internet connection for transactions. Individuals need to link their bank account to feature phones to use the facility. UPI 123Pay offers various payment options such as face to face with merchants. UPI 123Pay is available in Hindi and English.
“We believe the innovative functionality offered on feature phones will drive UPI in different regions across the country and will change the way payments are perceived.Mahaphat added.
As mentioned, UPI has become one of the most used payment systems in India in the past few years. in terms of transaction volume It is said to be the single largest retail payment system in India. “As we have seen impressive growth in digital payments, Most digitization is limited to smartphone owners. About 40 million feature phone users have limited access to digital payments.” T Rabi Sankar, deputy governor of the RBI, said.
“This move is to further popularize the use of digital payments. It has suggested a framework for offline payments for retailers across the country. Behind this announcement comes a series of successful pilot tests. The learnings from these tests clearly indicate that there is still more room for solutions related to digital payments. especially in remote areas of the country. With this development, RBI is optimistic about increasing the ease of doing business in India coupled with the opportunity to take advantage of innovative fintech.said Nitin Mathur, CEO of Tavaga Advisory Services.