Business
Make Digital Payments Securely With The New UPI Service 123 PAY Launched By RBI Governor Shaktikanta Das
Picture : Twitter / ANI
RBI Governor Shaktikanta Das has launched a new service, which will enable over 40 crore feature phone users to undertake digital payments in a secure way.
The service christened UPI (unified payments interface) ‘123PAY’ is a three-step method to initiate and execute services for users which will work on simple phones which do not have an internet connection.
Das said, as of now, the multifaceted features of UPI are mostly available only on smartphones, which excludes people from the lower rung of the society from an economic perspective, especially in the rural areas, from accessing the popular service, even though the smartphone prices are going down.
He said, the UPI volumes have touched to Rs 76 lakh crore in FY22 so far, as against Rs 41 lakh crore in FY21, and added that the day is not far when the overall volumes will touch Rs 100 lakh crore.
There are an estimated 40 crore mobile phone users who possess feature phones.
