NPST bags mandate from Indian Overseas Bank for Voice-based UPI payments

Mumbai, Nov 7 (PTI) Digital banking and payments technology company NPST on Friday said it has been awarded the mandate from Indian Overseas Bank to implement UPI 123Pay, a solution that enables voice-based UPI payments for both feature phone users and non-tech-savvy smartphone users.

Network People Services Technologies Ltd (NPST) in partnership with MissCallPay, will enable IOB's customers who currently rely on cash to adopt UPI 123Pay, a company statement said.

MissCallPay, a fintech company, allows users to send money or make merchant payments using simple voice or keypad inputs.

Customers can give a missed call to a designated number and receive a call-back through the IVR system, where they can enter the transaction amount and their bank UPI PIN to complete the payment.

India has an estimated 850 million individuals who are yet to adopt UPI, including around 400 million feature or button phone users and a significant proportion of smartphone users who are not comfortable with digital interfaces, NPST said in the statement. PTI HG MR