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.
In recent times, the importance of digital payments has increased. In the aftermath of Corona, everyone has become accustomed to UPI based payments. So far companies like Phone Pay, Google Pay, PayTM are dominating the UPI based platform. Now many banks are also entering this market. As part of this, 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. PNB became the first public sector bank to introduce this type of facility. Let’s see the full details about this now..
Rural India is the target.
India has a large rural population. But many people in the respective villages are already relying on cash in hand for daily needs. But nearly 63% of Punjab National Bank branches are in rural and semi-urban areas. PNB MD CEO Atul Kumar Goel announced that a new system has been introduced to make it easier for rural people to use UPI. It is said that this approach will be very helpful for people who do not have access to smartphones or internet connectivity. The name of this new system is UPI 123PAY (UPI 123PAY). Through this, payments can be made through UPI from anywhere in India. Anyone with a phone can use it.
What is UPI 123pay?
According to the National Payments Corporation of India, UPI 123Pay is a facility that even feature phone users can securely use the Unified Payments Interface (UPI) payment service through an immediate transfer mechanism. Users have to dial a number to use it. This is slightly different from the UPI Lite method you are using till now. You have to use the UPI wallet by depositing money online. But here it happens completely offline. Also transactions are done from direct bank.
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