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    RBI Guv launches UPI for feature phones UPI123Pay, 24*7 helpline for digital payments DigiSaathi

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    RBI Guv launches UPI for feature phones UPI123Pay, 24*7 helpline for digital payments DigiSaathi

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    RBI has launched a Unified Payments Interface (UPI) UPI123Pay for feature phones and a 24X7 helpline for digital payments platform DigiSaathi.

    The Reserve Bank of India (RBI) launched a Unified Payments Interface (UPI) UPI123Pay for feature phones and a 24X7 helpline for digital payments platform DigiSaathi on Tuesday.
    RBI Governor Shaktikanta Das said UPI123Pay will help achieve financial inclusion initiative. “UPI123Pay makes facilities under UPI accessible to that section of society which was so far excluded from the digital payment landscape,” he said at the launch. The payment system will broadly have three steps to complete transactions, he added.
    DigiSaathi is a helpline for digital payments with facilities to educate and create awareness, Das said, adding that the platform will augment efforts in enhancing digital payment awareness. These solutions have been indigenously developed, he said.
    The central bank’s governor said he was confident that the current decade will witness a transformational shift in the digital payment ecosystem. RBI has taken over 50 initiatives to deepen the digital payment ecosystem over the past three years, he said.
    RBI has been encouraging innovation via regulatory sandbox, hackathon and other measures and the initiative launched today will further accelerate digital adoption, adding, “We still have some distance to cover and effort is to achieve even more in digital payments.”
    “NPCI worked with all stakeholders and today we are ready to launch UPI123Pay for feature phones. UPI123Pay will digitally empower millions across the country and help NPCI achieve its dream of a billion-plus daily UPI transactions,” Biswamohan Mahapatra, National Payments Corporation of India (NPCI) Chairman said.
    UPI, the single largest retail payment system in terms of value, had remained a smartphone platform until now, he said, adding that RBI in December 2021 proposed to launch UPI for feature phones.
    Speaking about the UPI 24*7 digital payment helpline, it will build trust in the UPI digital payment ecosystem and that these initiatives have the potential to revolutionise the digital payment ecosystem.
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