RBI Governor Shaktikanta Das launches UPI123Pay. Five key questions answered

A Unified Payment Interface (UPI) is a smartphone application that allows users to transfer money between bank accounts. It is a single-window mobile payment system developed by the National Payments Corporation of India (NPCI). It eliminates the need to enter bank details or other sensitive information each time a customer initiates a transaction.

How is UPI123Pay different from the present UPI interface?

The RBI had introduced UPI with the aim to lower cash-based transactions in India. However, a large chunk of population lacked access to smartphones and could not transact using UPI. In order to solve this challenge, the RBI has launched UPI123Pay. The UPI 123Pay will allow customers to use feature phones for almost all transactions, except scan and pay. In December, the RBI announced plans to introduce UPI in feature phones.

How is Digitsathi going to help in customer grievance?

While digital adoption has grown manifolds in India, there has also been a sharp rise in fraudulent transactions and phishing attempts by miscreants. To address the issue, the RBI launched the 24 x 7 helpline for providing information on digital payments, products and services.

What is the progress of UPI in numbers?

As per latest data by the NPCI, a total of 452.7 crore transactions amounting to Rs 8.26 lakh crore occurred on the UPI platform in February. This was a tad lower than Rs 8.31 lakh crore of transactions done during the preceding month. A total of 304 banks were live on the UPI platform, as against just 21 during the launch of UPI in April 2016.

What documents does a customer need to use UPI on feature phone?

Customers owning a simple feature phone can use the UPI123Pay. UPI 123Pay will allow customers to use feature phones for almost all transactions except scan and pay. It doesn't need internet connection for transactions. Customers have to link their bank account with feature phones to use this facility.