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Ubona Technologies creates voice based fintech solution for voice based payments

While digital payments have become a lot easier and quicker with the advent of UPI apps, lack of access to smartphones or any disruption in internet connectivity make digital payments impossible. Of 1.2 Billion mobile phone users in India, smartphone users account to just 750 million. Of these smartphone users, only 350 million users engage in digital payments. From digital divide to lack of access to internet connectivity, multiple factors have made digital payments a challenge for a significant amount of the Indian population.

Speech recognition technology based solution 123UPI conceptualized and created by Ubona Technologies is disrupting the market by enabling users to make payments seamlessly over a simple phone call.

Ubona Technologies, India’s first speech recognition company has conceptualised and created 123 UPI, a first of its kind speech recognition technology based payments solution that enables users with any phone (feature phone/smartphone) to make digital payments in their preferred Indian language. This solution uses Automatic Speech Recognition Engine to help people to transact in their preferred Indian language thereby enabling people to engage in digital payments in their mother tongue. This RBI and NPCI accredited payment solution is now becoming a game changer of the payment landscape as it is revolutionizing the way people make UPI payments. 123 UPI empowers the population that lacks access to smart phones and internet to be able to make digital payments instantly over a phone call.

During the first transaction the user is required to dial the dedicated contact number and complete a one time registration as guided by an automated IVR and can start transacting over phone calls immediately after that. The payment over the phone is completely secure and all vulnerabilities are plugged to provide the best in class security.

Ubona/Ultracash was part of RBI’s First Cohort of sandbox testing for retail payments, completed the same successfully and received approval to launch BHIM Voice (Now called 123 UPI) for any relevant application and test the product in the market. Relevant for every industry like insurance, loan ,microfinance, trading, merchant payment, remote payment etc to manage P2P, P2M, BBPS (Utility Bill Payments) for their users over a simple phone call. Integrated voice-bot and contact center technology for real-time customer service during transaction fulfilment. With this, all enterprises will be able to provide a bill collection number enabling the consumer to call, check his pending payment and easily make the payment just by entering his/her pin.

In addition to the enterprises, 123 UPI has a huge potential to provide a significant push for digital India in the various sectors such as agriculture which is the government’s focus.

We would like to explore a feature opportunity about how Ubona Technologies’ voice based payment is disrupting the various sectors and the scope for voice based payments in the current and future scenarios.

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