Digital Payments News

HDFC Life Policyholders Can Now Pay Premiums With NPCI’s UPI 123PAY

HDFC Life Policyholders Can Now Pay Premiums With NPCI’s UPI 123PAY

HDFC Life and National Payments Corporation of India (NPCI), have collaborated to offer a first – UPI 123PAY. This is a unique voice-based premium payment service that further simplifies the premium payment process for HDFC Life policyholders.

UPI123PAY is a payment facility through a pre-defined IVR (Interactive Voice Response). This platform will enable customers to make financial transactions with or without an internet connection. Customers can avail this service in various regional languages such as Hindi, Marathi, Gujarati, Punjabi,Kannada, Tamil,etc.

The process is very simple –a customer has to initiate a secure call from their phone using the UPI number 080 4516 3571, and complete the UPI on-boarding formalities. Once this is done, they can start transacting.

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Thisservicewill also empower those policyholders of HDFC Life who are not accustomed to digital payments, thereby enabling them to take control of their policies with a single IVR call.

Speaking on the development, Vineet Arora, Chief Operating Officer, HDFC Life said, “We are delighted to offer this new and easy premium payment option. We constantly endeavour to simplify the customer lifecycle – right from policy purchasing to policy servicing. The UPI 123Pay service we are offering, incollaboration with NPCI and Ubona will enable policyholdersacross the country to make payments through this IVR based service in a secure manner, with ease.”

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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 payment feature, UPI 123PAYwas developed by the National Payments Corporation of India (NPCI) and launched by the Reserve Bank of India (RBI) to increase the digital penetration of financial services. UPI 123PAY enables smart phone and feature phone users to digitally undertake a host of transactions based on four approaches,including voice payment based via IVR number, proximity sound-based payments, missed call-based payment approach, app based scan and pay on feature phone.

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