RBI Governor launches key digital payment initiatives Bharat BillPay, UPI Circle
Mumbai: Reserve Bank of India (RBI) Governor Shaktikanta Das Wednesday announced the launch of two new product offerings built by the National Payments Corporation of India (NPCI) at the Global Fintech Festival (GFF) 2024.
These new offerings include Bharat BillPay (BBPS) for business, designed to streamline business-to-business (B2B) transactions across different ERPs and accounting platforms, and UPI Circle, which enables delegate payments to users.
These payment solutions are aimed to enhance inclusivity, security, and efficiency of India’s digital payment ecosystem.
Infosys Non-Executive Chairman and Advisor to NPCI Nandan Nilekani and Non-Executive Chairman and Independent Director NPCI Ajay Kumar Choudhary were present at the launch.
Bharat BillPay for Business (B2B Platforms)
RBI Governor announced the expansion of BBPS services to cater to business enablement platforms, streamlining B2B payments and collections.
This development is expected to change the landscape of business payments across the country through a single, centralised, interoperable platform. Bharat BillPay for business aims to standardise, simplify and automate various invoice payment processes for day-to-day business operations irrespective of size of the business.
Offerings like business onboarding, search and add business, purchase order (PO) creation, invoice management, automated reminders, guaranteed settlement, financing, AR (Accounts Receivable) and AP (Accounts Payable) dashboard, and online dispute resolution are inbuilt in this platform.
Banks, Enterprise Resource Planning (ERPs) and B2B fintechs alike can now connect with BBPS for Business and offer their clients a holistic solution.
This solution will empower businesses to seamlessly digitalise the existing manual processes, and enhance the services offered by B2B players by on-boarding these businesses on a comprehensive and interoperable digital invoice and payment solution.
UPI Circle (Delegate Payments)
The RBI Governor launched UPI Circle, wherein UPI users can delegate payments to their trusted secondary users.
UPI Circle is a feature enabling UPI user to act as a primary user linking with trusted secondary users on UPI App for either partial or full delegation of payments.
In full delegation, the primary user authorises a trusted secondary user to initiate and complete UPI transactions as per defined spend limits. In partial delegation, the primary user authorizes initiation of payment requests from secondary users.
The primary user then completes the UPI transaction with UPI Pin.
A primary user can delegate to up to 5 secondary users and a secondary user can accept delegation from only one primary user.
Full delegation allows a maximum monthly limit of Rs 15,000 per delegation and a maximum per transaction limit of Rs 5000.
Existing UPI limits shall be applicable in case of partial delegation.
A live demonstration of UPI Circle was showcased via UPI enabled apps, including BHIM, at the launch event.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
