UPI123Pay: Payment Mode for Feature Phones - Coggle Diagram
UPI123Pay: Payment Mode for Feature Phones
What is UPI?
The interface is regulated by RBI and works by instantly transferring funds between two bank accounts on a mobile platform
UPI is an instant real-time payment system developed by NPCI facilitating inter-bank transactions
What is UPI123Pay?
It a three-step method to initiate and execute services for users which will work on simple phones
It will allow customers to use feature phones for almost all transactions except scan and pay
It doesn’t need an internet connection for transactions
Feature phone users will now be able to undertake a host of transactions based on four technology alternatives
Facilities- IVR (interactive voice response) number, app functionality in feature phones, missed call-based approach and also proximity sound-based payments
Such users can initiate payments to friends and family, pay utility bills, recharge the FAST Tags of their vehicles, pay mobile bills etc.
Customers will also be able to link bank accounts, set or change UPI PINs
To assist the callers/users with all their queries on digital payments via website and chatbot
Users can visit www.digisaathi.info or call on 14431 and 1800 891 3333
24×7 helpline for digital payments has also been set up by the NPCI
Why UPI123Pay was created?
The volume of UPI transactions has already reached ₹76 lakh crore in the current year, compared to ₹41 lakh crore in FY21
However, at present, efficient access to UPI is available largely via smartphones
UPI, which was introduced in 2016, has become one of the most used digital payments platforms in the country
How will users make payments without internet?
Missed call facility
Proximity sound-based payments
Interactive Voice Response (IVR)
How do UPI payments through sound work?
It’s somewhat like Bluetooth but instead of using radio waves, it uses sound waves to transfer data from one device to the next
Google called this ‘Cash Mode’ in which phones would emit ultrasonic sounds that could be used by other Tez users to accept and receive money
A company called ToneTag also produces audio-based point-of-sale machines
When Google Pay was first launched in 2017 as Tez, the app had a sound-based system of payments
Question of Security
Devices using such systems are encrypted, and only the devices involved can recognize the emitted waves
Ultrasonic waves are outside the usual human hearing range, but such payment systems can also use audible sounds
Sound waves being emitted are encrypted, meaning the receiving device will need to have decryption codes to complete the transaction
Sound wave-based payments are meant to be contactless, but occur within a certain proximity only.