CURRENT AFFAIRS

Detailed explanation-1: -The Reserve Bank has launched two key initiatives today – (1) UPI123Pay – Option to make Unified Payments Interface (UPI) payments for feature phone users, and (2) DigiSaathi - a 24x7 Helpline to address the queries of digital payment users across products.

Detailed explanation-2: -You don’t need smartphones anymore to make UPI payments. UPI123Pay is the new payment system for feature phones through which users can make transactions, pay utility bills and more.

Detailed explanation-3: -Dial the IVR number (080 4516 3666, 080 4516 3581, or 6366 200 200) from your feature phone with the mobile number that’s linked to your bank account. On the IVR call, mention the name of the bank of the account for which you wish to register for UPI banking. All the accounts for the selected bank will be listed.

Detailed explanation-4: -UPI Lite is said to be the feature phone version, specifically for low-denomination transactions of up to Rs 200 in real time, without using a UPI PIN. Users will have to add funds from their bank accounts to the UPI Lite wallet.

Detailed explanation-5: -The Reserve Bank of India last month, in collaboration with the National Payments Corporation of India, launched the Unified Payment Interface (UPI) for feature phone users known as UPI 123Pay.