What is UPI 123PAY works?
Reserve Bank of India releases UPI 123Pay for feature phones
A new feature of the United Payments Interface will soon be available to every feature-phone and smartphone user in India, but they’ll have to wait until next month to use it in full swing. The Reserve Bank of India (RBI) along with the National Payment Corporation of India (NPCI) launched UPI 123Pay on March 9, 2022. A service that allows feature phones to use UPI; it allows one to make payments without the internet.
What is UPI?
UPI, or Unified Payments Interface, is a payments system that allows mobile users to make bank transfers securely and easily. UPI makes it possible to send money directly from one person’s bank account to another person’s bank account without going through traditional payment gateways (e.g., credit cards, debit cards, IMPS, NEFT) or e-wallets.
How UPI 123PAY works?
UPI 123PAY works like any other UPI-based application, with a few minor differences. The first difference is that it’s available in 10 regional languages – Hindi, Tamil, Telugu, Marathi, Gujarati, Bengali, Assamese, and Odia. There are no set-up fees or monthly charges associated with UPI 123PAY. To make payments through UPI 123PAY users will have to deposit money in their bank account. Once that is done they can start using it without the internet; users do not need to register their devices or remember their username and password.
How to USE 123PAY?
It is simple to use the UPI 123 PAY feature through IVR service. If you want to know how to use this, follow these steps:
Dial the number 08045163666 from the phone.
Select your preferred language.
Tap (or Press) on the “1” key on your phone to transfer money.
Select the bank paired with UPI by saying the bank name.
Tap (or Press) “1” key to confirm the details.
Tap (or Press) the “1” key to send money by using your mobile number.
Enter the mobile number.
Confirm the details.
Enter the amount that you want to transfer.
Enter your UPI PIN and authorise the money transfer.
UPI 123PAY helpline
Queries and grievance helpline No.
14431 or 1800891 3333
What are the uses of UPI 123PAY?
UPI 123PAY helps you to pay or collect money from someone without the Internet. There are four important uses of UPI 123PAY. One can use it to make an online payment, send cash, request money, and set reminders. The first feature of UPI 123PAY is the ability to make an online payment. All one needs to do is follow the instructions provided by the IVR service and enter the amount that needs to be paid. Once done, they will be getting the confirmation by SMS. UPI 123PAY will automatically do everything to complete the payment.
How many banks are supporting UPI 123Pay?
At present, UPI 123Pay has been launched by four banks. State Bank of India, HDFC Bank, ICICI Bank, and Axis bank are supporting UPI 123Pay. Thus making it easier to make payment without any internet connection or credit card. Also, other banks like SBI support the Bharat QR code which is what will be used to perform payments on the POS machines installed at brick and mortar stores via UPI service along with compatible applications supporting Paytm, etc. Makes it possible for retailers to accept payments from their customers even in case they don’t have any internet access or smartphones but only basic feature phone devices. UPI 123Pay is expected to address issues related to digital exclusion as well as cash crunch.
Conclusion
The Reserve Bank of India and National Payment Corporation has launched a platform called UPI 123PAY, it allows customers to make payments on their mobile devices without the internet. The service can be used by feature phone users who can transfer money via USSD Code on their phones. It will support more than 25 banks and will have features like Balance Check, Money Transfer, Recurring Bill Payments, etc. More features will be added in future updates along with major upgrades such as the Online/Mobile Banking Interface. This is a massive step towards a cashless economy that everyone wants to see in India. So let’s make our country cashless! Jai Hind!