HDFC Life Policyholders Can Now Pay Premiums with NPCI's UPI 123PAY

UPI 123PAY is a payment facility through a pre-defined IVR that enable customers to make financial transactions with or without an internet connection.

New Delhi: HDFC Life has announced that it has collaborated with National Payments Corporation of India (NPCI) 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, a company statement said.

UPI 123PAY 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.

This service will 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, HDFC Life  added.

A voice based payment feature, UPI 123PAY was 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. 

Vineet Arora, Chief Operating Officer, HDFC Life said, “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.”