Transactions won’t require internet! RBI launches UPI for feature phones

March 8: Shaktikanta Das, Governor of Reserve Bank of India (RBI) on Tuesday has launched a UPI-based new payment product for feature phones called UPI123Pay. This will help NPCI reach its goal of processing a billion transactions per day. This new feature will also help RBI reach its objective of a less-cash economy. More important is that this feature doesn’t need internet connection for transactions.

Users can transfer funds through IVR number. App functionality, missed calls and proximity sound-based payments. Customers can perform P2P payments, utility bill payments, FASTag recharge, pay mobile bills etc. through UPI!@#Pay. Majority of UPI functionality available on smartphones will now also be available on feature phones except scan and pay.

To use RBI’s UPI123Pay, users need to link their bank account with their feature phones and set up a UPI pin with a debit card. They can call an Interactive Voice Response number to transfer money. They can also use a missed call payment feature to send money to a merchant/ shop or tap their phones on a sound-based payment device.