The Reserve Bank of India (RBI) Governor, Shri Shaktikanta Das, launched two innovative digital payment products developed by the National Payments Corporation of India (NPCI) at the Global Fintech Festival (GFF) 2024. The new offerings, Bharat BillPay for Business (BBPS) and UPI Circle, will revolutionise India’s digital payment ecosystem by enhancing inclusivity, security, and efficiency.
The introduction of Bharat BillPay for Business marks a significant step forward in simplifying and automating business-to-business (B2B) payments across the country. This platform aims to standardise invoice payments, providing a centralised, interoperable solution for businesses of all sizes.
BBPS for Business offers features such as business onboarding, purchase order (PO) creation, invoice management, automated reminders, guaranteed settlement, and an integrated Accounts Receivable (AR) and Accounts Payable (AP) dashboard. Additionally, the platform includes online dispute resolution, making it a comprehensive tool for managing day-to-day business operations.
Banks, Enterprise Resource Planning (ERPs), and B2B fintechs can now connect with BBPS for Business to offer their clients a holistic digital payment and invoicing solution. By digitalising existing manual processes, this solution is expected to significantly enhance the efficiency and reliability of B2B transactions across India.
Another highlight of the launch was UPI Circle, a new feature that allows UPI users to delegate payment responsibilities to trusted secondary users. This feature enables a primary UPI user to link with up to five trusted secondary users, granting them either partial or full delegation of payment capabilities.
In full delegation mode, the secondary user is authorised to initiate and complete UPI transactions within predefined spending limits—up to a maximum monthly limit of INR 15,000 and a per-transaction limit of INR 5,000. In partial delegation mode, the secondary user can initiate payment requests, which are completed by the primary user using their UPI PIN.
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The UPI Circle feature was demonstrated live at the event, showcasing its functionality through popular UPI-enabled apps, including BHIM.
These new initiatives by the RBI and NPCI underscore India’s commitment to advancing its digital payment landscape, fostering greater inclusivity, and enhancing the overall user experience in financial transactions.
