New UPI Services By RBI: UPI123Pay And Digisaathi
The Reserve Bank of India (RBI) has launched new UPI services for feature phones called UPI123Pay for non internet users to make digital payments, also launched a 24×7 helpline for digital payments called ‘Digisaathi’.
- ‘Digisaathi’ has also been set up by the National Payments Corporation of India (NPCI) to provide users with automated responses on information related to digital payment products and services.
- Presently it is available in English and Hindi language.
UPI 123 Pay:
- It will work on simple phones that do not have an internet connection.
- As of now, the UPI features are mostly available only on smartphones.
- The UPI service for feature phones will leverage the RBI’s regulatory Sandbox on Retail Payments.
- A regulatory sandbox usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may permit certain regulatory relaxations for the limited purpose of the testing.
- The UPI service will enable digital transactions through a mechanism of ‘on-device’ wallet in UPI applications.”
- The users will be able to undertake a host of transactions based on four technology alternatives including- IVR (interactive voice response) number, missed call-based approach, app functionality in feature phones and proximity sound-based payments..