Indian Overseas Bank Introduces UPI 123Pay: In an important move toward financial inclusion. Indian Overseas Bank (IOB) has unveiled UPI 123Pay, which enables user payments digitally without being connected to an active internet facility. The initiative indicates the convergence of rural and urban banking access. With such an offering, even feature phone customers will be able to conduct secure and instant transactions without the traditional applications.

Indian Overseas Bank Introduces UPI 123Pay:

In contrast to traditional UPI applications that require connectivity’s online mode. The UPI 123Pay service utilizes Interactive Voice Response (IVR) technology. Customer payments, however, can be accomplished even by ringing a number dedicated to the service by simply following the directives through the telephone call. The service caters to transfer money, recharge, utility bill payment, and balance inquiry-transactions without data use.

Users should link their bank account to UPI, register their cell number, and set a UPI PIN to access the feature. Having done this, they can make transactions at any time and anywhere even when internet access is weak or nonexistent.

Step Towards Inclusive Banking

The introduction of UPI 123Pay resonates with IOB’s initiative in sending out digital banking. To communities of under-serviced people particularly in the remote and rural areas. It promises offline payments thereby enhancing the country’s broader goal of achieving cashless economies. In empowering those who may not own smartphones or stable data connections.

Also Read: Net Banking vs Mobile Banking: What’s More Secure and Convenient?

That is, such a service will enable millions of customers to enjoy digital payment convenience without the need for such expensive devices or internet plans, as said by IOB officials.

Fortifying Digital Payment Ecosystem of India

It should be noted that this program was brought, in the first instance, by the Reserve Bank of India (RBI) with the intention of making UPI services accessible to the users of feature phones, and the adoption of this by IOB is again a great mile in the path of its implementation.

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