RBI launched a new UPI service 123 Pay. So RBI has launched to help 400 million feature phone users. Till now UPI payment was done through online payment applications and USSD based services on an offline feature phone.
With the USSD base service, those users who do not have a smartphone or internet connection can use mobile banking through the *99# code.
But this process proves to be very difficult due to the non-availability of service on the mobile network according to RBI Deputy Governor T. Rabi Sankar.
With the UPI 123 pay feature, users will be able to initiate and execute UPI transactions without an internet connection in 3 steps from a simple phone.
These transactions can be done through interactive voice response (IVR) feature phone in-app functionality, proximity sound-based payment, and missed call functionality.
Using the 123 Pay feature, users will be able to make payments to friends and family, mobile & utility payments, and also check their UPI-linked account balance.
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