All section Close
Image Credit- The Financial Express, RBI, Twitter/UPI
RBI Launches New UPI Service For Feature Phones, Doesn't Need Smartphone/Internet
Writer: Varnika Srivastava
She is an upcoming millennial journalist, gushing in the 21st century to bring the authentic piece of information to the citizens.
India, 11 March 2022 10:40 AM GMT
Editor : Shiva Chaudhary |
A post-graduate in Journalism and Mass Communication with relevant skills, specialising in content editing & writing. I believe in the precise dissemination of information based on facts to the public.
Creatives : Shiva Chaudhary
A post-graduate in Journalism and Mass Communication with relevant skills, specialising in content editing & writing. I believe in the precise dissemination of information based on facts to the public.
The RBI launches UPI123Pay, which will connect thousands of feature phone users to India's digital payment ecosystem. Users no longer need a smartphone or an internet connection to make UPI payments.
The Reserve Bank of India (RBI) has launched a unified payments interface (UPI) for feature phones on Tuesday, March 8, bringing approximately 400 million users of such phones into India's locally made payments network. Users no longer need a smartphone or an internet connection to make UPI payments.
The Reserve Bank of India is designing to launch UPI123Pay, which will connect thousands of feature phone users to the country's digital payment ecosystem. In recent years, particularly following the demonetization, UPI has emerged as one of India's most popular modes of payment.
In terms of transaction activities, it is the country's single most extensive retail payment system, indicating its widespread acceptance. On November 8, 2021, RBI Governor Shaktikanta Das announced the launch of a UPI-based payment system for feature phones.
The Governor stated, " In order to further deepen digital payments and make them more inclusive, ease transactions for consumers, facilitate greater participation of retail customers in various segments of the financial markets and enhance the capacity of service providers, it is proposed to launch UPI-based payment products for feature phone users leveraging on the Reserve Bank's regulatory Sandbox on Retail Payments," as reported by The News18.
About Feature Phone
Feature phones are simple phones that typically include voice calling and text messaging capabilities. India has set up a mobile phone consumer base of roughly 118 crores, of which about 74 crore own smartphones, indicating that the country has a sizable number of feature phone users.
Methods of UPI Transactions
Four different technologies are used to feature phone users in the new payment system. The first method is to use Interactive Voice Response (IVR) numbers. The second module is delivered via apps on feature phones, as most UPI functions will be available through the app. With proximity sound-based payments being the third method of feature phone UPI. The final method is a traditional Indian method known as the missed call approach. Users accept a callback from a standard number from UPI to establish and complete transactions.
Also Read:Arbitrary, Unlawful', Says Editors Guild On New PIB Accreditation Norms; Demands Removal
Must Reads
We are an independent and public-spirited digital media platform for Indian millennials. We report news and issues that matter as well as give you the opportunity to take action.
