Report Wire - HDFC Life policyholders can now pay premiums with NPCI’s UPI 123PAY

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HDFC Life policyholders can now pay premiums with NPCI’s UPI 123PAY

2 min read
A voice-based payment feature, UPI 123PAY was developed by the NPCI to increase the digital penetration of financial services.

HDFC Life and National Payments Corporation of India (NPCI) have collaborated to supply a primary – UPI 123PAY. This is a novel voice-based premium fee service that additional simplifies the premium fee course of for HDFC Life policyholders.

UPI 123PAY is a fee facility by way of a pre-defined IVR (Interactive Voice Response). This platform will allow clients to make monetary transactions with or with out an web connection. Customers can avail this service in numerous regional languages similar to Hindi, Marathi, Gujarati, Punjabi, Kannada, Tamil, and so on.

A buyer has to provoke a safe name from their cellphone utilizing the UPI quantity 080 4516 3571, and full the UPI on-boarding formalities. Once that is accomplished, they’ll begin transacting.

This service may also empower these policyholders of HDFC Life who usually are not accustomed to digital funds, thereby enabling them to take management of their insurance policies with a single IVR name.

Vineet Arora, chief working officer, HDFC Life stated, “We consistently endeavour to simplify the shopper lifecycle – proper from coverage buying to coverage servicing. The UPI 123Pay service we’re providing, in collaboration with NPCI and Ubona will allow policyholders throughout the nation to make funds by way of this IVR based mostly service in a safe method, with ease.”

Nalin Bansal, chief relationship management & key initiatives, NPCI said, “We are glad to witness the implementation of NPCI’s unique offering UPI 123PAY voice based payment in the insurance sector. We believe this functionality will offer a distinct and seamless premium payment experience to millions of HDFC Life customers. This is an important step towards the growth of the ecosystem as we aim to reach a wider audience and further penetrate Tier 2 and Tier 3 cities in India.”

A voice-based fee characteristic, UPI 123PAY was developed by the National Payments Corporation of India (NPCI) and launched by the Reserve Bank of India (RBI) to extend the digital penetration of monetary providers. UPI 123PAY permits good cellphone and have cellphone customers to digitally undertake a number of transactions based mostly on 4 approaches, together with voice fee based mostly by way of IVR quantity, proximity sound-based funds, missed call-based fee method, app based mostly scan and pay on characteristic cellphone.

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