HDFC Life and Nationwide Funds Company of India (NPCI) have collaborated to supply a primary – UPI 123PAY. It is a distinctive voice-based premium fee service that additional simplifies the premium fee course of for HDFC Life policyholders.

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

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. As soon as that is finished, they’ll begin transacting.

This service may also empower these policyholders of HDFC Life who should 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 mentioned, “We continuously endeavour to simplify the client 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 means of this IVR based mostly service in a safe method, with ease.”

Nalin Bansal, chief relationship administration & key initiatives, NPCI mentioned, “We’re glad to witness the implementation of NPCI’s distinctive providing UPI 123PAY voice based mostly fee within the insurance coverage sector. We consider this performance will supply a definite and seamless premium fee expertise to hundreds of thousands of HDFC Life clients. This is a crucial step in the direction of the expansion of the ecosystem as we intention to succeed in a wider viewers and additional penetrate Tier 2 and Tier 3 cities in India.”

A voice-based fee function, UPI 123PAY was developed by the Nationwide Funds Company of India (NPCI) and launched by the Reserve Financial institution of India (RBI) to extend the digital penetration of economic providers. UPI 123PAY permits sensible cellphone and have cellphone customers to digitally undertake a bunch 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 strategy, app based mostly scan and pay on function cellphone.

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