The Reserve Bank of India (RBI) Governor Shaktikanta Das has introduced two digital payment products at the Global FinTech Festival (GFF), 2024. The digital payment products are developed by the National Payments Corporation of India (NPCI). The newly launched products, Bharat BillPay for Business (BBPS) and UPI Circle, are set to enhance India’s digital payment ecosystem by improving inclusivity, security and operational efficiency.
During the event, the UPI Circle feature was demonstrated live, highlighting its capabilities through popular UPI-enabled applications such as BHIM.
These initiatives by the RBI and NPCI highlight India’s ongoing commitment to advance its digital payment infrastructure, promoting greater inclusivity and improving the user experience in financial transactions.
The launch of Bharat BillPay for Business marks a major milestone in streamlining and automating Business-to-Business (B2B) payments across the nation. This platform aims to simplify invoice payments by providing a standardised and inter-operable solution for businesses of all sizes.
BBPS for Business comes equipped with features such as business onboarding, purchase order creation, invoice management, automated reminders, guaranteed settlement, and an integrated Accounts Receivable (AR) and Accounts Payable (AP) dashboard. The platform also offers online dispute resolution, making it a comprehensive tool for managing everyday business operations.
Banks, Enterprise Resource Planning (ERPs) systems and B2B FinTech companies can now connect with BBPS for Business to provide their clients with a complete digital payment and invoicing solution.
By automating existing manual processes, this solution is expected to improve the efficiency and reliability of B2B transactions throughout India.
Another key feature unveiled at the event was UPI Circle, which allows primary UPI users to delegate payment responsibilities to trusted secondary users. This new feature enables a primary UPI user to connect with up to five trusted secondary users, granting them either partial or full delegation of payment capabilities.
With full delegation, the secondary user can initiate and complete UPI transactions within set spending limits—up to a maximum monthly limit of Rs 15,000 and a per-transaction limit of Rs 5,000. In partial delegation mode, secondary users can initiate payment requests, which the primary user can then approve using their UPI pin.
