The digital payment service designed for feature phones has over 37,000 users since its launch on March 8, 2022. Also, 21,833 transactions have been successfully done using this service. The information was shared in Parliament on Monday.
The UPI123Pay service was launched by RBI in collaboration with the National Payment Corporation of India which supports feature phones without internet. Prior to the launch of this service, the Unified Payments Interface (UPI) was only available on smartphones. The UPI123Pay service is expected to benefit 40 crore feature phone users and encourage digital financial inclusion, especially in rural areas.
Bhagwat K Karad, Minister of State for Finance said that varied steps have been taken by the Reserve Bank of India to expand the reach of UPI overseas. He further added that NPCI International Payments Limited endeavors to promote UPI services outside the country.
