On 8th march 2022 the Reserve Bank of India (RBI) and the National Payment Corporation of India (NPCI) launched two landmark initiatives UPI123Pay and DigiSaathi.
- With the new facility, both smartphone and feature phone holders can now easily transact digitally.
i.UPI123PAY for feature phones will have all of the necessary smartphone features. This initiative will improve digital payments to a higher level, paving the way for a cashless economy.
ii.DigiSaathi will help customers address queries in the digital payments umbrella including cards in two languages – english and hindi and also working towards all vernacular languages.
UPI123Pay includes four distinct options as below:
App-based Functionality: An app would be installed on the feature phone through which several UPI functions, available on smartphones, will also be available on feature phones.
Missed Call: This will allow feature phone users to access their bank account and perform routine transactions such as receiving, transferring funds, regular purchases, bill payments, etc., by giving a missed call on the number displayed at the merchant outlet. The customer will receive an incoming call to authenticate the transaction by entering UPI PIN.
Interactive Voice Response (IVR): UPI payment through pre-defined IVR numbers would require users to initiate a secured call from their feature phones to a predetermined number and complete UPI on-boarding formalities to be able to start making financial transactions without internet connection.
Proximity Sound-based Payments: This uses sound waves to enable contactless, offline, and proximity data communication on any device.
Need for UPI123Pay:
Earlier UPI can be accessed through NUUP (National Unified USSD Platform) using the short code of *99#.But this option is cumbersome and not popular. Considering that there are more than 40 crore feature phone mobile subscribers in the country, UPI123pay will materially improve the options for such users to access UPI.
i.DigiSaathi is a 24/7 information Helpline for providing information on digital payment products and services available in 2 languages – English and Hindi that is managed, and maintained by NPCI on behalf of few payment system operators and members (banks and non-banks) with a purpose to assist the Indian funds trade flourish.
ii.Various payment trade members (banks and non-banks) have joined to create the www.digisaathi.information website, chatbot, IVR, or any cell and/or internet software (collectively, the “Platform”) for finish clients to acquire details about digital payment services.
- The backend of the platform is managed by a man-made intelligence (AI) bot to enhance accuracy, in line with Digisaathi website.
i.The buyer can submit questions on digital payment services, and probably the most related and acceptable info shall be delivered to the User as quickly as possible.
ii.The queries/questions requested shall be examined regularly with Frequently Asked Questions (FAQs), in line with the Digisaathi website.
DigiSaathi contact particulars:
Toll-Free Number (IVR): 14431 or 1800 891 3333
Website: digisaathi.info + Chatbot.
Recent related news:
In September 2021, the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) set up a linkage project under which their respective fast payment systems viz. Unified Payments Interface (UPI) and PayNow will be linked by July 2022, in order to ease cross-border payments between India and Singapore.
About Reserve Bank of India (RBI):
Establishment – 1st April 1935
Headquarters – Mumbai, Maharashtra
Governor – Shaktikanta Das
Deputy Governors – Mahesh Kumar Jain, Michael Debabrata Patra, T. Rabi Sankar, M. Rajeshwar Rao.