Business Desk, AnyTV, New Delhi
Published by: Deepak Chaturvedi
Updated Tue, 08 Mar 2022 01:28 PM IST
Summary
RBI Governer Launches UPI 123PAY: Reserve Bank of India Governor Shaktikanta Das on Tuesday launched the proposed UPI 123Pay system, facilitating over 400 million feature phone users in the country. With its help, now payments can also be made through feature phones.
hear the news
Expansion
Payment will be done in three easy steps
RBI has created a server side common library for digital payments. This includes feature phone users. In feature phones, this facility of UPI is available in many languages. With the ‘UPI 123Pay’ facility, feature phone users can make payments in three easy steps. These are call, choose and pay.
Bank account to be linked with mobile
To take advantage of the UPI facility in feature phones, consumers will first have to link their bank account with the mobile number. The consumer will have to generate his UPI PIN using his debit card details. Only then can you make the payment.
Understand the payment process like this
Feature phone users will first have to call the IVI number 08045163666.
– Many options will be told here. These options are money transfer, LPG gas refill, FASTag recharge, mobile recharge, EMI repayment and balance check.
The user has to choose any one of the given options.
Money transfer option has to be selected to send money.
Now you have to select the number of the person to whom the money is to be sent in the contact list.
After this, the amount and UPI PIN have to be entered. With this the transaction will be completed.
Similarly, payment can be made to any shopkeeper.
Total transactions will reach 100 lakh crores
Das said that the UPI transactions have reached Rs 76 lakh crore in 2021-22 so far. In the last financial year, this figure was Rs 41 lakh crore. The day is not far when the total transaction figure will reach Rs 100 lakh crore.