What distinguishes RBI UPI123Pay from the current UPI interface? Detailed Instructions
The RBI created UPI with the goal of reducing cash-based transactions in India. However, a huge portion of the population did not have access to cellphones and hence could not use UPI. The RBI has launched UPI123Pay in order to address this issue. Customers will be able to utilise feature phones for practically all transactions, with the exception of scanning and paying, thanks to the UPI 123Pay. The RBI revealed intentions to launch UPI in feature phones in December.
How would Digitsathi assist with customer complaints?
While India’s digital penetration has increased dramatically, there has also been a significant increase in fraudulent transactions and phishing attempts by criminals. The Reserve Bank of India (RBI) launched the 24 x 7 helpline for providing information on digital payments, products and services.
What is the status of UPI in terms of numbers?
According to the latest figures from the NPCI, the UPI platform processed 452.7 crore transactions worth Rs 8.26 lakh crore in February. This was a little decrease from the previous month’s transaction total of Rs 8.31 lakh crore. There were 304 banks on the UPI platform at the time of its launch in April 2016, compared to just 21 at the time of its launch in April 2016.
What documentation are required for a customer to use UPI on a feature phone?
UPI123Pay can be used by customers who have a simple feature phone. Customers will be able to utilise feature phones for practically all transactions using UPI 123Pay, with the exception of scanning and paying. For transactions, there is no requirement for an internet connection. Customers must link their bank account with feature phones to use this facility.