PhonePe has introduced that it’s planning to launch a Unified Funds Interface (UPI) resolution for brand spanking new characteristic telephone customers in India. The digital funds and monetary providers firm highlighted that its upcoming fee resolution will likely be constructed on the NPCI’s UPI 123PAY know-how. The service will likely be constructed on conversational engagement platform Gupshup’s GSPay tech stack, and the corporate plans to supply assist for primary UPI options on characteristic telephones. Nonetheless, the service stated that it may take just a few quarters earlier than the UPI service is launched within the nation.

PhonePe’s UPI Resolution for Characteristic Telephones Is Constructed on GSPay

In a press release, the corporate introduced that it has bought the mental property (IP) of Gupshup’s proprietary GSPay know-how stack. PhonePe will now customise this platform and construct its UPI resolution on high of it. Notably, Gupshup launched GSPay in 2023 as an SMS-based fee expertise for characteristic telephones.

PhonePe highlighted that GSPay is in-built accordance with Nationwide Funds Company of India’s (NPCI) UPI 123Pay service which was launched in 2022 by then RBI Governor Shaktikanta Das. Now, the corporate plans to construct its UPI resolution by extending GSPay’s know-how stack.

UPI 123Pay is a real-time UPI resolution that doesn’t require Web service, designed for characteristic telephones and customers with restricted connectivity. It provides 4 transaction strategies which incorporates calling an interactive voice response (IVR) quantity, app-based service, missed call-based method, and a sound-based proximity fee system.

The corporate’s UPI resolution can even supply a wide-range of options. It would assist person-to-person (P2P) transfers, offline QR code-based funds, and it’ll additionally permit customers to obtain cash from different UPI customers to their cellular numbers of self-QR codes. PhonePe said that this resolution is aimed toward creating “full fee interoperability between characteristic telephones and smartphone customers’ in India.

Highlighting the scope of the UPI resolution, PhonePe quoted trade knowledge, in response to which there have been 24 crore characteristic telephone customers in 2024. Moreover, 15 crore characteristic telephone shipments are additionally anticipated within the subsequent 5 years, the corporate added. “This section of customers has been traditionally underserved by the digital monetary trade and the broader startup ecosystem,” stated Sameer Nigam, Co-Founder and CEO at PhonePe.