RBI’s move to introduce UPI123Pay, that will enable customers to use feature phones for payments, will push digital-payments adoption among those who do not own a smartphone, especially in the hinterland.
Transaction through the Unified Payments Interface platform has picked up pace after the Covid-induced lockdown in March 2020; the volume of transactions has grown 3.6X and the value 4X, to Rs 8.3 trillion.
As bulk of the UPI transactions are small-ticket, UPI123Pay can transform the digital payment system.