Punjab National Bank has introduced a new policy for UPI transactions. Introduced offline IVR based system. In which users can make selective payments without the need of internet.
Rural India is the target.
India has a high rural population. However, many people in these villages still depend on cash for their daily needs. Yet, about 63% of Punjab National Bank branches are located in rural and semi-urban areas. In this context, PNB's MD CEO Atul Kumar Goel announced a new initiative to enable rural people to easily use UPI (Unified Payments Interface). He stated that this initiative would be highly beneficial for individuals who do not have access to smartphones or internet connectivity. This new initiative is named UPI 123PAY. It allows anyone in India to make payments via UPI from anywhere. He explained that anyone with a phone can use this service.
What is UPI 123pay?
As per the National Payment Corporation of India, UPI 123 Pay is a feature phone-based service that allows users to securely make immediate transactions through the Unified Payments Interface (UPI). To dial a number for using this service, users can use the UPI Light method that you have been using so far. However, there is a slight difference in the way it functions. You need to obtain UPI Wallet doubles offline and use them to make transactions. But here, the entire process takes place online. Additionally, there are direct bank transfers happening for financial transactions.
