HDFC Life and National Payments Corporation of India (NPCI) have collaborated to offer a first – UPI 123PAY. It is a unique voice-based premium payment service that further simplifies the premium payment process for HDFC Life policyholders.
UPI 123PAY is a payment facility through a pre-defined IVR (Interactive Voice Response). The platform will enable customers to conduct financial transactions with or without an internet connection. Customers can avail this service in various regional languages like Hindi, Marathi, Gujarati, Punjabi, Kannada, Tamil etc.
The customer has to initiate a secure call using the UPI number 080 4516 3571 from his/her phone and complete the UPI on-boarding formalities. Once this is done, they can start transacting.
The service will also empower policyholders of HDFC Life who are not accustomed to digital payments, enabling them to control their policies with a single IVR call.
Vineet Arora, Chief Operating Officer, HDFC Life said, “We constantly strive to simplify the customer lifecycle – from policy purchase to policy servicing. The UPI 123Pay service that we are offering in collaboration with NPCI and Ubona will enable policyholders across the country to make payments easily and securely through this IVR based service.”
Nalin Bansal, Chief Relationship Management and Key Initiatives, NPCI said, “We are delighted to see the implementation of UPI 123pay voice based payments, a unique offering of NPCI in the insurance sector. We believe this functionality will provide a differentiated and seamless premium payment experience to millions of HDFC Life customers. This is an important step towards growing the ecosystem as we aim to reach a wider audience and penetrate more into Tier 2 and Tier 3 cities in India.”
The voice-based payment facility, UPI 123PAY was developed by the National Payments Corporation of India (NPCI) and launched by the Reserve Bank of India (RBI) to increase digital penetration of financial services. UPI 123PAY enables smart phone and feature phone users to transact digitally based on four approaches, which include voice payment through IVR number, proximity voice-based payment, missed call-based payment approach, app based Scan and pay on feature phones are included. ,
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