HDFC Life has said that it has collaborated with the National Payments Corporation of India (NPCI) to enable policyholders to pay their premiums through a unique voice-based UPI service, called UPI 123PAY, it said in a press statement on Wednesday.
UPI 123PAY, dubbed as first of its kind, seeks to further simplify the premium payment process for HDFC Life policyholders.
“UPI 123PAY is a payment facility through a pre-defined IVR (Interactive Voice Response),” which enables customers to make financial transactions with or without an internet connection, it said.
Customers can avail of this service in various regional languages including Hindi, Marathi, Gujarati, Punjabi, Kannada, Tamil, etc. The process is simple. Customers will need to initiate a secure call from their phone using the UPI number 080 4516 3571, and complete the UPI on-boarding formalities. Once it is done, they can start transacting, HDFC Life said.
Commenting on the service, Vineet Arora, chief operating officer of HDFC Life, in the press release, said: “UPI 123Pay service will enable policyholders across the country to make payments through this IVR-based service in a secure manner, with ease.”
Nalin Bansal, chief of relationship management & key initiatives at NPCI, said, “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.”
The service will empower the HDFC Life policyholders not accustomed to digital payments by enabling them to take control of their policies with a single IVR call.
Smart phone-enabled UPI 123PAY is developed by the NPCI and launched by the Reserve Bank of India (RBI) to boost digital penetration in the financial sector. It enables users to digitally undertake a host of transactions based on four approaches, including voice payment via IVR number, proximity sound-based payments, missed call-based payment, and app-based scan.
Of late, the government has made several changes in the law to enable technology-driven services, providing customers the convenience and ease of financial transactions. This has led to a remarkable growth in the number of online financial transactions across India.