UPI123 is simple -Give a Missed Call, receive a call asking for Pin authentication by pressing phone buttons and step three – transaction done.

MUMBAI, Apr 12 (The CONNECT) – Fintech startup MissCallPay that works through voice -based payment system enabling even feature phone users to make use of phone banking has been included as one of the digital solutions on the UPI 123Pay platform for inclusive solutions aimed at feature phone users.

MissCallPay is one of the four players that RBI selected as digital solutions for the newly launched UPI 123Pay platform.

The users using even a feature phone can access their bank account and perform routine transactions such as receiving & transferring funds, regular purchases, bill payments and others by giving a missed call on the number displayed at the merchant's place.  The customers immediately get a call asking to authenticate the transaction by entering UPI Pin. The transaction is instantaneous.

The product, that does need the Internet services, is endorsed for its safety features and ability to work over non-smart phones, thus penetrating rural and semi-urban population.

Mitesh Thakker, Founder – MissCallPay, thanked  the Reserve Bank of India and National Payments Corporation of India (NPCI) for encouraging the innovation to transform rural Bharat into mainstream India, through seamless transactions and financial inclusion. MissCallPay aims to serve at least 20 million people through strategic partnerships and process 100 million transactions monthly beginning 6 months from commercial operations.

The fintech product of MissCallPay is a digital payment service uses telecom’s most basic feature — cellular network —  to enable payments. This means that people with a basic, starter feature phone can also accept and initiate online payments. This not only helps feature/ button phone users but also helps non-tech savvy smart-phone users to use MissCallPay, and also offers a solution to security conscious smartphone users who keeps safety and security as the most important criterion for digital transactions.

Thakker explained, “MissCallPay's mission is all about Making Payments Simple for digitally challenged billion users. We enable simple UPI based mobile payments over a feature phone, smartphone, and in near future over voice bots like Amazon Alexa, Ok-Google, User doesn't need to be digitally literate and there is no need for hardware terminal POS or QR code or at times internet. Users transact in the local language, can make payments remotely. Proximity as required for swiping a card or scanning QR code is also not required here. 

While making payments simple, MissCallPay also hopes to make UPI 123Pay payments as one of the safest payment methods possible, and have made payment process phishing and spoof proof, the safety and security will only help gain trust of digitally challenged Bharat population. And thus help the government realise the dream of digitally inclusive India.

MissCallPay aims to reach out to more than 1 lakh small merchants across the country and in talks with other entities including banks. 

Currently,Misscallpay has tied up with the Bank of India and is in talks with other players.

Each service provider has a different concept and user experience. RBI has introduced these different user experiences to identify what works best for this section of society.  All the solutions are unique and time will tell what is picked upThe three other UNI123 service providers endorsed by the RBI are:

GupShup: An app would be installed on the feature phone through which customers can use several UPI functions. Except scan and pay features, all other functionalities of UPI payments will be available for feature phone users.         

ToneTag: This uses sound waves to enable contactless, offline, and proximity data communication on any device

 Ultracash: To initiate UPI payment via IVR, users require to initiate a secured call from their feature phones to a predetermined number. Once the UPI on-boarding formalities are done, they will be able to start making financial transactions without internet connection.