UPI Offline Payments, Smartphone: Today RBI introduces UPI for medium distance calls.

 YOU no longer need a smartphone or internet connection to pay with the IST Unified Payment Interface (UPI). The Central Bank of India will launch UPI123Pay on Tuesday to enable thousands of mobile users to offer India's digital payments ecosystem. The Bank of India tweeted: "Beware the launch of UPI - UPI123Pay for conventional phones and 24*7 digital payment line - Digisaathi by RBI steward @DasShaktikanta at 12:00 on March 8, 2022." This new digital payment system allows individuals to pay directly to others via UPI and mobile phones. The UPI payment feature is currently limited to Internet-connected smartphone users

UPI has become one of the most popular payment methods in recent years, especially after its demo. It is the largest retail payment system in Korea in terms of transaction volume and is widely adopted.

Why pay UPI for a mid-range phone

RBI President Shakantha Das announced plans to roll out a UPI-based payment system for mid-range phones on November 8, 2021. product. This is for mobile phone users who use the regulatory sandbox to make massive payments to central banks,” Das said. This process will make low value trades easier than ever

India's mobile user base is about 118 million (TRAI, Oct 2021)1, of which about 74 million (Statista, July 2021) own smartphones, representing a significant number of mobile users in India. Represents a phone user. The central bank has previously stated that "mid-range mobile consumers have limited access to innovative payment products." “Engaging mid-sized mobile users in large-scale digital payments is critical to expanding financial penetration. In the first group of the RBI regulatory sandbox, several innovators successfully demonstrated a payment solution with telephony capabilities under the theme of "retail payments". “These products, along with other complementary solutions, will facilitate UPI-based digital payment solutions for mobile phones, leading to broader digitalization,” the Reserve Bank of India said in a statement