Leading fintech services company Acemoney has launched UPI 123Pay payment and wearable ATM cards. The UPI 123Pay payment allows people to carry out cashless transactions without smartphones or internet connections using feature phones.

The wearable ATM cards are gadgets designed as key chains and rings that enable people to carry out cashless transactions without ATM cards and phones.

The services were launched by Sourabh Tomar, Head, UPI, National Payment Corporation of India and Mohammed Y Safirulla IAS, Special Duty Officer, Finance Department, at a function in Kochi.

Acemoney is the first company in India to launch UPI 123Pay services in Malayalam and Tamil. The Reserve Bank of India had launched UPI 123Pay in March this year.

Jimmin J Kurichiyil, CEO, Acemoney, said, ”UPI 123Pay payment is a necessity in a country like India where more than half of the population are not digitally literate and it would enable the common man to carry out digital transactions.”

As internet services are often disrupted in rural areas, UPI 123Pay will enable customers to carry out financial transactions easily by just giving a call to 81477-63135, he said.

The wearable ATM cards functions using applications connected to smart phones. Therefore, it can be switched on or off as per the requirement of the customer. According to the company, it is very safe to use.

Nimisha J. Vadakkan, Managing Director, Acemoney, said that the wearable ATM cards will be available in the market from August this year.