The Busy Brains
13 Jun 2023
Punjab National Bank (PNB) has introduced UPI 123PAY, an IVR-based UPI solution, becoming the first public sector bank to offer this convenient payment method. UPI 123PAY aligns with the Digital Payments Vision 2025, aiming to create a cashless and cardless society. Learn how this innovative solution expands access to UPI transactions for all phone users, including those with limited internet connectivity.
Punjab National Bank (PNB) has taken a significant step forward by introducing UPI 123PAY, an IVR-based UPI solution. As the first public sector bank to offer this service, PNB is contributing to the realization of a cashless and cardless society, as outlined in the Digital Payments Vision 2025.
The Unified Payments Interface (UPI) has transformed the way we make payments, enabling fast, encrypted, and real-time transactions around the clock. Traditionally, UPI solutions were accessible only through smartphones or USSD services, relying on reliable internet connectivity. However, the launch of UPI 123PAY changes the landscape by extending these capabilities to all phone users, including those in areas with limited internet connectivity.
The UPI 123PAY solution simplifies the UPI transaction process, ensuring a broader user base can benefit from it. Users can complete their transactions in three easy steps. First, they need to dial the bank's user-friendly IVR number, "9188-123-123." Next, they select the desired beneficiary and authenticate the transaction. This straightforward process enables even individuals with limited technological expertise to seamlessly perform UPI transactions.
To enhance user convenience, UPI 123PAY supports multiple languages, allowing customers to utilize the service in their preferred language. This inclusivity not only expands access to digital payments but also ensures individuals from diverse linguistic backgrounds can benefit from this innovative solution.
PNB's launch of UPI 123PAY follows the footsteps of other institutions embracing IVR-based payments, including IDFC First Bank, City Union Bank, and NSDL Payments Bank. Together, these efforts mark a significant milestone in India's journey toward a digitally empowered society.