New Delhi: HDFC Life has announced that it has partnered with the National Payments Corporation of India (NPCI) to provide a first-of-its-kind service called UPI 123PAY.
A company statement stated that this is a one-of-a-kind voice-based premium payment service that further simplifies the process of paying premiums for HDFC Life policyholders.
UPI 123PAY offers a pre-defined interactive voice response (IVR) payment option. Customers will be able to conduct financial transactions on this platform even if they do not have access to the internet. This service is available to customers in Hindi, Marathi, Gujarati, Punjabi, Kannada, Tamil, and other regional languages.
The customer must make a secure call to the UPI number 080 4516 3571 from their phone and complete the UPI on-boarding procedures. The process is straightforward. They can begin conducting business once this is completed.
According to HDFC Life, this service will also empower policyholders who are unfamiliar with digital payments, allowing them to take control of their policies with a single IVR call.
UPI 123PAY is a voice-based payment feature developed by the National Payments Corporation of India (NPCI) and launched by the Reserve Bank of India (RBI) to increase digital financial service penetration. Users of smart phones and feature phones can use UPI 123PAY to digitally complete a variety of transactions using four methods: missed call-based payment, proximity sound-based payments, voice payment via an IVR number, and app-based scan and pay on a feature phone.
“The UPI 123Pay service we are offering, in collaboration with NPCI and Ubona will enable policyholders across the country to make payments through this IVR based service in a secure manner, with ease,” stated Vineet Arora, Chief Operating Officer of HDFC Life.
“We are glad to witness the implementation of NPCI’s unique offering UPI 123PAY voice based payment in the insurance sector,” stated Nalin Bansal, Chief Relationship Management & Key Initiatives at NPCI.
