Punjab National Bank (PNB), a state-owned bank in India, has unveiled a groundbreaking initiative called UPI 123PAY, an IVR-based Unified Payments Interface (UPI) solution. This offering aligns with the bank’s Digital Payment Vision 2025 and aims to provide inclusive access to digital transactions for all mobile phone users.
The UPI has revolutionized the way transactions are conducted in India, offering customers a seamless, secure, and real-time payment experience. However, UPI services were predominantly accessible through smartphones or USSD (Unstructured Supplementary Service Data), relying on strong internet connectivity. This posed limitations for users without smartphones or residing in areas with low internet connectivity.
To address these barriers, PNB, in collaboration with ToneTag, has developed the UPI 123PAY solution. By leveraging Interactive Voice Response (IVR) technology, customers can now perform UPI transactions conveniently, even with basic feature phones. ToneTag’s expertise in secure and frictionless contactless payment solutions made them the natural choice for PNB in developing UPI 123PAY.
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The initiative aims to extend the benefits of digital payments to millions of underserved customers. With UPI 123PAY, PNB customers can effortlessly make payments, transfer funds, and conduct various financial transactions using a simple and intuitive IVR interface.
To use UPI 123PAY, PNB customers need to dial the bank’s IVR number, “9188-123-123,” and follow the prompts to select the beneficiary and authenticate the transaction. The solution will be multilingual, catering to customers’ preferred language.
This game-changing initiative empowers users to enjoy the advantages of UPI, regardless of their location or the type of mobile device they own. It breaks down the barriers of smartphone dependency and internet connectivity, ensuring that a wider population can participate in digital transactions.
With UPI 123PAY, Punjab National Bank aims to accelerate the adoption of digital payments, drive financial inclusion, and contribute to India’s vision of becoming a cashless economy.
