PNB pioneers IVR-based UPI for feature phones, expanding digital payment accessibility.
Punjab National Bank: In a groundbreaking move, Punjab National Bank (PNB) has become the first public sector bank to introduce an IVR-based UPI solution, enabling users to make digital payments through feature phones. With the launch of UPI 123PAY, PNB aims to create a cardless and cashless society in line with its digital vision for 2025.
The UPI 123PAY IVR-based solution empowers feature phone users to leverage the benefits of UPI payments, even without internet access. Previously, UPI transactions were restricted to smartphones or USSD platforms, requiring internet connectivity. However, PNB's innovative approach now allows users to make real-time payments through UPI 123PAY on any feature phone, bridging the digital divide in areas with limited internet connectivity.
The fact that a significant portion of PNB's customer base lives in rural and small towns and around 63 percent of branches are located in these areas which increases the significance of this initiative. The MD & CEO of Punjab National Bank claims that the majority of individuals in these locations still make a significant portion of their transactions in cash. With 63 percent of PNB's branches catering to rural and small town populations, the introduction of UPI 123PAY holds immense potential for transforming the payment landscape in these regions.
To avail themselves of UPI 123PAY, users simply need to dial the IVR number 9188-123-123 from their phones. Following the prompt, they can select the beneficiary and authenticate the transaction, all while enjoying the convenience of multiple language support.
Importantly, this initiative is not limited to PNB customers alone. The MD emphasizes that UPI 123PAY extends its benefits to individuals without smartphones or internet connectivity, thereby providing a comprehensive payment solution. This service is accessible nationwide, empowering users across India to make seamless payments.
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