RBI Governor Launches Key Digital Payment Initiatives at Global Fintech Festival 2024
Launch includes BBPS for Business and UPI Circle
Mumbai, 28 August 2024: The Reserve Bank of India (RBI) Governor, Shri Shaktikanta Das,
today 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.
The launch took place in the presence of Shri Nandan Nilekani, Non-Executive Chairman,
Infosys and Advisor to NPCI, and Shri Ajay Kumar Choudhary, Non-Executive Chairman
and Independent Director, NPCI.
Bharat BillPay for Business (B2B Platforms)
The 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 INR15,000 per delegation and a maximum per
transaction limit of INR 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.
To know more about UPI Circle, click here
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About NPCI:
National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for
operating retail payments and settlement systems in India. NPCI has created a robust payment and
settlement infrastructure in the country. It has changed the way payments are made in India through a
bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified
Payments Interface (UPI), Bharat Interface for Money (BHIM), Aadhaar Enabled Payment System (AePS),
National Electronic Toll Collection (NETC) and Bharat BillPay.
NPCI is focused on bringing innovations in the retail payment systems through the use of technology and
is relentlessly working to transform India into a digital economy. It is facilitating secure payment solutions
with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.
For more information, visit: https://www.npci.org.in/
