{"id":123770,"date":"2022-09-05T13:45:29","date_gmt":"2022-09-05T08:15:29","guid":{"rendered":"https:\/\/www.mapsofindia.com\/my-india\/?p=123770"},"modified":"2022-09-05T15:18:45","modified_gmt":"2022-09-05T09:48:45","slug":"what-is-upi123-pay","status":"publish","type":"post","link":"https:\/\/www.mapsofindia.com\/my-india\/india\/what-is-upi123-pay","title":{"rendered":"What is UPI 123PAY?"},"content":{"rendered":"<p>The Reserve Bank Of India (RBI) introduced a new Unified Payments Interface (UPI) method called &#8220;UPI123Pay&#8221; for users of feature phones.<\/p>\n<h2>What is UPI 123PAY?<\/h2>\n<ul>\n<li><span data-preserver-spaces=\"true\">A three-step UPI &#8220;123PAY&#8221; procedure that may be used on basic phones allows consumers to request and use services.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Almost all transactions, except scan and pay, will be compatible with feature phones.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">These transactions will be completed without an internet connection. Customers must connect their bank accounts to feature phones to access this function.<\/span><\/li>\n<\/ul>\n<h3>Users of the new Unified Payments Interface (UPI) system have four alternatives for making payments without internet access:<\/h3>\n<ul>\n<li><strong><span data-preserver-spaces=\"true\">Interactive Voice Response (IVR)<\/span><\/strong><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">To begin completing financial transactions like as EMI repayment, balance check, money transfer, and mobile recharge, Users would have to successfully register for UPI and make a secure call from their feature phones to a pre-programmed IVR number.<\/span><\/p>\n<ul>\n<li><strong><span data-preserver-spaces=\"true\">App-based functionality<\/span><\/strong><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">A feature phone may also be installed with an app, allowing users to access most UPI functions\u2014aside from the scan and pay option, which is presently unavailable\u2014that are available on a smartphone will be available on their feature phone.<\/span><\/p>\n<ul>\n<li><strong><span data-preserver-spaces=\"true\">Missed call facility<\/span><\/strong><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">By making a missed call to the number advertised at the merchant outlet, customers will access their bank accounts and carry out typical tasks, including receiving, transferring cash, making regular purchases, paying bills, etc. The customer will be prompted to enter their UPI PIN during an incoming call to validate the transaction.<\/span><\/p>\n<ul>\n<li><strong><span data-preserver-spaces=\"true\">Proximity Sound-based payments<\/span><\/strong><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">With the proximity sound-based payments option, you can use sound waves to provide offline, contactless, and close-proximity data transmission on any device.<\/span><\/p>\n<h3>Significance of UPI 123Pay<\/h3>\n<p><span data-preserver-spaces=\"true\">Aside from checking account balances, users will also be able to link their bank accounts, pay their utility bills, create or modify UPI PINs, recharge FASTags, pay their family and friends, and pay mobile phone bills.<\/span><\/p>\n<h2>What is UPI?<\/h2>\n<ul>\n<li><span data-preserver-spaces=\"true\">With the Unified Payments Interface (UPI), customers may send money instantly and across different bank accounts without disclosing their bank account information to the other party.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">The National Payments Corporation of India (NPCI) operates several payment systems, including the Aadhaar-enabled Payment System (AePS), Bharat Bill Payment System (BBPS), Immediate Payment Service (IMPS), RuPay, etc. UPI is currently the largest of these systems.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">The most popular UPI apps include BHIM, which the government provides, Google Pay, PhonePe, Amazon Pay, and Paytm.<\/span><\/li>\n<\/ul>\n<p><strong><span data-preserver-spaces=\"true\">National Payment Corporation Of India (NPCI)<\/span><\/strong><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">To manage financial transactions and settlement systems in India, the Indian Banks Association (IBA) and the Reserve Bank of India (RBI) Created the National Payments Corporation of India (NPCI).<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">This organisation was established in 2008 under the Payment and Settlement Systems Act of 2007.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">NPCI was formed as a &#8220;not-for-profit&#8221; corporation under Section 8 of the Companies Act of 2013.<\/span><\/li>\n<\/ul>\n<p><strong><span data-preserver-spaces=\"true\">Objectives<\/span><\/strong><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">The RBI and the Indian Banks&#8217; Association (IBA) supported the National Payments Corporation of India (NPCI) in its goal of combining and integrating diverse technologies into a nationwide unified and standard business process that can be utilised as a retail payment system.\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Another key goal of the NPCI was to provide an affordable payment mechanism to assist ordinary people with financial inclusion.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank Of India (RBI) introduced a new Unified Payments Interface (UPI) method called &#8220;UPI123Pay&#8221; for users of feature phones. What is UPI 123PAY? A three-step UPI &#8220;123PAY&#8221; procedure that may be used on basic phones allows consumers to request and use services. Almost all transactions, except scan and pay, will be compatible with [&hellip;]<\/p>\n","protected":false},"author":21834,"featured_media":124421,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12380,12384,11871,12420,12206,11315],"tags":[],"class_list":{"0":"post-123770","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-applications","8":"category-banking","9":"category-banks","10":"category-economy","11":"category-incredible-india","12":"category-india"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/123770","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/users\/21834"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/comments?post=123770"}],"version-history":[{"count":4,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/123770\/revisions"}],"predecessor-version":[{"id":124427,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/123770\/revisions\/124427"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/media\/124421"}],"wp:attachment":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/media?parent=123770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/categories?post=123770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/tags?post=123770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}