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National Payments Corporation of India (NPCI) has collaborated with a private life insurer HDFC Life to offer a new voice-based payment feature – UPI 123Pay. Through this, policyholders can pay premium through registered UPI number through a simple voice call.
UPI 123Pay aims to enable customers to make financial transactions with or without an internet connection. Customers can avail this service in various regional languages such as Hindi, Marathi, Gujarati, Punjabi, Kannada, Tamil, etc.
A customer has to initiate a secure call from their phone using the UPI number 080 4516 3571 and complete the UPI on-boarding formalities. Once this is done, they can start transacting.
In a press release, Nalin Bansal, Chief Relationship Management & Key Initiatives, NPCI said, “We are glad to witness the implementation of NPCI’s unique offering UPI 123PAY voice-based payment in the insurance sector. We believe this functionality will offer a distinct and seamless premium payment experience to millions of HDFC Life customers. This is an important step towards the growth of the ecosystem as we aim to reach a wider audience and further penetrate Tier 2 and Tier 3 cities in India.”
Vineet Arora, Chief Operating Officer, HDFC Life said, “The UPI 123Pay service we are offering, in collaboration with NPCI and Ubona will enable policyholders across the country to make payments through this IVR based service in a secure manner, with ease.”
UPI 123PAY was developed by the National Payments Corporation of India (NPCI) and launched by the Reserve Bank of India (RBI) to increase the digital penetration of financial services. UPI 123PAY enables smart phone and feature phone users to digitally undertake a host of transactions based on four approaches, including voice payment based via IVR number, proximity sound-based payments, missed call-based payment approach, app based scan and pay on feature phone.