Reserve Bank of India i.e. RBI has given a new gift to the users making online payments. The new feature is especially for those users who make online payments from feature phones. In fact, if you use the UPI 123Pay facility for UPI payments, you can now make online payments up to Rs 10,000. Earlier this limit was up to Rs 5,000. The new UPI 123 pay service rules will come into effect from January 1, 2025.
When was UPI 123 payment service started?
There are currently 400 million feature phone users in India. In such a situation, these users are going to get more facilities than before. UPI 123 Pay feature was launched in March 2022. UPI 123Pay feature facilitates online payments without internet. Earlier, RBI had increased the limit of UPI Wallet Lite from Rs 2000 to Rs 5000. It is believed that UPI payment is spreading rapidly in small towns and villages of India. In such a situation, RBI has doubled the UPI payment limit.
Changes in UPI 123Pay service
-Users will be able to make online payment twice as much as before i.e. up to Rs 10,000.
-A new security layer has been added for base-based OTT authentication.
-Many options like IVR, missed call, feature phone app and sound based technology are used for UPI payment.
-Easy integration with UPI Mimic ID Mapper for UPI payments.
What is UPI 123Pay?
UPI 123Pay is a platform that allows users to make UPI payments without internet using a feature phone. It facilitates IVR calls, missed calls, app based transactions and voice based payments.
What is UPI Lite?
UPI is a lightweight wallet system offered by PhonePe, Google Pay and PhonePe. This service provides the facility to add payments to the wallet. After this, online payment can be made through wallet without OTT. This payment limit has recently been increased to Rs 5000.
