Mumbai, January 25, 2023: HDFC Life and National Payments Corporation of India (NPCI) have joined forces to introduce a revolutionary new way for policyholders to pay their premiums – UPI 123PAY. This voice-based premium payment service makes it even easier for HDFC Life policyholders to pay their premiums by using a pre-defined Interactive Voice Response (IVR) system. UPI 123PAY allows customers to make financial transactions with or without an internet connection and is available in multiple regional languages like Hindi, Marathi, Gujarati, Punjabi, Kannada, Tamil, etc.
The process is straightforward, customers simply initiate a secure call from their phone using the UPI number 080 4516 3571, complete the UPI on-boarding formalities, and start transacting. This service will empower policyholders who are not familiar with digital payments to take control of their policies with just one 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, in collaboration with NPCI and Ubona will enable policyholders across the country to make payments through this IVR based service in a secure manner, with ease.”
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.”
UPI 123PAY, a voice-based payment feature developed by the National Payments Corporation of India (NPCI) and launched by the Reserve Bank of India (RBI), aims to expand the digital reach of financial services. It allows users of both smartphones and feature phones to conduct a wide range of transactions through four methods, including voice payments through an IVR number, proximity sound-based payments, missed call-based payments, and app-based scan and pay on feature phones.