Tata Capital to Offer UPI 123PAY Digital Payment Facility for Feature Phone Users with ToneTag
Tata Capital, the financial services arm of the Tata Group, will now offer UPI 123PAY digital payment facility- an instant IVR based payment system to make secured transactions through feature phones as well as smart phones. UPI 123PAY service is developed by NPCI and powered by ToneTagVoiceSe. The UPI 123PAY solution will be one more option in the bouquet of payment collection solutions for Tata Capital customers. It will be especially useful for low value payments, for microfinance customers and will increase operational and debt servicing efficiencies.
This new payment solution is likely to become a preferred option for customers having limited or sporadic access to internet connectivity and smartphones. The service entails a three-step procedure; call, choose and pay. For instance, the initial step is to dial the IVR number from a registered phone number, select the preferred language, choose the UPI-linked bank account, set up the UPI PIN and eventually make payment.
The payment solution will be made available in phases and will be rolled out initially in six regions namely Karnataka, Uttar Pradesh, Bihar, Odisha, Rajasthan and Tamil Nadu and will be available in five languages.
Commenting on the initiative Abonty Banerjee, Chief Digital and Marketing Officer at Tata Capital, said, "It has always been our endeavour to provide all possible servicing and payment solutions to customers to choose from, and enable them to use the ones most suited to them. This IVR based payment option which also works on feature phones, is likely to see greater adoption from our microfinance customers as well as those who have limited access to connectivity. We believe this will make payments more convenient for these customers.
Vivek Kumar Singh, Co-Founder ToneTag, “We are looking at voice technology that empowers all mobile phone users to make safe and fast digital payments in a convenient method without the help of any app. This now brings the entire Indian population into the digital payment ecosystem. Our solution is standard and uniform to all mobile phone users making it the most simple and secure form of making payments. Users can speak in their preferred language and follow simple steps to make payments, all of this from sitting in the comfort of their homes”.
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