RBI launches UPI payments service phones

Wednesday 9 March 2022 11:55 CET | News

The Reserve Bank of India (RBI) has announced the official launch of a new service that allows users to make UPI payments on their phones.

Dubbed as 123Pay UPI, the service aims to provide security and reliability of UPI payments for over 400 million Indian users across the country. The novelty is that 123Pay UPI works on all types of phones, not only smartphones, and it doesn’t require an Internet connection to set the UPI PIN or make a payment.

The service will boost digitisation in India and help integrate new users in the UPI payments system, especially people from underprivileged and developing areas who do not have a stable Internet connection and their preferred payment method is cash.

The 123Pay UPI enables users of regular phones like Nokia and Dizo to access UPI-related services, including gas refills, money transfers, fast tag recharges, and others. The service is also available in various regional languages and dialects to cater to the needs of most Indian people.

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Keywords: Reserve Bank of India, UPI, online payments, digitalisation, payments , mobile payments, mobile money
Categories: Payments & Commerce
Companies: Reserve Bank of India
Countries: India
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Payments & Commerce

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